阿米斯：尼斯会议—关于多年度增长轨迹

10.67.2 BERNSTEIN TICKER TABLETickerRecommandationARAMI.FPOEDMO - Outperform, M - Market-Perform, U - Underperform, NR - Not Rated, CS - Coverage SuspendedSource: Bloomberg, Bernstein estimates and analysis.INVESTMENT IMPLICATIONS(Suite de la page 1)- Focus sur la trésorerie.Les marges sont un indicateur de performance clé essentiel mais les niveaux de fonds de roulementle sont également pour un groupe au modèle de croissance « asset-light » comme celui d’Aramis dont les besoins en capitauxproviennent essentiellement de son stock de voitures. Le fonds de roulement a diminué de 3 jours pour atteindre un niveaud’excellence pour le secteur de 24 jours à la fin du S1, mais le management perçoit encore une marge d’amélioration si tous lespays parviennent à optimiser la chaîne de valeur (approvisionnement, fixation des prix, remise en état). Pour mémoire, Aramis acommuniqué lors de la Journée investisseurs de novembre que son niveau de fonds de roulement ne représentait que 20 joursen France et en Espagne.Commentaires analysteNous continuons d’apprécier le cas d’investissement fondé sur une solide exécution du groupe dans un marché adressable totalde l’automobile d’occasion en Europe considérable et fragmenté.Argumentaire d’investissementNotre recommandation sur Aramis est à Surperformance avec un objectif de cours de 13.4€En cas de divergence entre la version anglaise et la version française, la version anglaise prévaut.EUROPEAN MEDIA 2 I. REQUIRED DISCLOSURESReferences to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited andSanford C. Bernstein Japan KKOn April 1, 2024, Société Générale (SG) and AllianceBernstein, L.P. (AB) completed a transaction that created a new joint venturein which their respective cash equities and research businesses operate in a new business combination. Although their respectiveownership percentages in the joint venture differ between North America and the rest of the world, the creation, production andpublication of research is handled collaboratively on a global basis across the two research brands, “Bernstein” and “Autonomous”.Unless specifically noted otherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG andAB and their respective affiliates.VALUATION METHODOLOGYAramis GroupOur price target is based on a €13.4 DCF valuation (WACC 13%, LT growth 3%). At our PT, the company would be valued at 0.48x2025e revenues and 0.42x 2026e revenues.RISKSAramis GroupDownside Risks: Potential competition from other online used cars retailers (Auto1/Autohero) - an extra 1-2% of sales inmarketing spend would stretch out the curve for EBITDA margin pick-up and could negatively affect peer group comparisons;inability to continue sourcing used cars at scale; maintaining control of inventories and working capital requirements.RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTIONBernstein brandThe Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index (EDM) for stocks listed on the European exchanges and emerging markets exchanges outside of the Asia Pacificregion, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JP) for stocks listed on the Japanese exchanges,and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian (ex-Japan)exchanges -unless otherwise specified.The Bernstein brand has three categories of ratings:•Outperform: Stock will outpace the market index by more than 15 pp•Market-Perform: Stock will perform in line with the market index to within +/-15 pp•Underperform: Stock will trail the performance of the market index by more than 15 ppCoverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targetsare suspended temporarily, are no longer current, and should therefore not be relied upon.Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accuratelypredicted, at the present time. The covering analyst may continue to publish research reports on the company to update investorson events and developments.Not Covered (NC) denotes companies that are not under coverage.Autonomous brandEUROPEAN MEDIA Sanford C. Bernstein (Canada) Limited, Sanford(サンフォード・C・バーンスタイン株式会社).3 The Autonomous brand rates stocks as indicated below. As our benchmarks we use the Bloomberg Europe 500 Banks AndFinancial Services