Avis Budget Shares Get Upgrade: Analyst Applauds Lean Cost Base, Lower EV Exposure, Younger Fleet Mix
Avis Budget Shares Get Upgrade: Analyst Applauds Lean Cost Base, Lower EV Exposure, Younger Fleet Mix
Goldman Sachs analyst Lizzie Dove upgraded Avis Budget Group, Inc (NASDAQ:CAR) shares to Neutral from Sell, raising the forecast to $130 from $118.
高盛分析师丽兹·多夫将安飞士预算集团公司（纳斯达克股票代码：CAR）的股票从卖出上调至中性，将预期从118美元上调至130美元。
According to the analyst, Avis Budget will fare better than its peers given its lean cost base, lower exposure to EVs and slightly younger fleet mix.
根据分析师的说法，鉴于其精益的成本基础、较低的电动汽车敞口以及车队结构稍微年轻一些，Avis Budget的表现将好于同行。
Though estimates for the year have troughed, the analyst still saw some downside to 2025 estimates, pending further proof points on the stabilization of pricing.
尽管今年的估计已经过低了，但分析师仍然认为2025年的估计有一些下行空间，尚待定价稳定的进一步证据。
Dove also projected the gap between used and new vehicle pricing to narrow in 2025, given lower supply and new vehicle prices trending lower, which should also mean a slower rate of DPU growth (i.e., less of a headwind) for Avis Budget.
多芬还预计，鉴于供应减少和新车价格呈下降趋势，2025年二手车和新车定价之间的差距将缩小，这也应意味着Avis Budget的DPU增长率放缓（即不利因素较小）。
The company has $4.1 billion of vehicle debt which will mature this year, and another $6.7 billion which will mature in 2025.
该公司有41亿美元的汽车债务将于今年到期，另外67亿美元将于2025年到期。
As such, the analyst saw ~$200 million interest expense pressure in 2024, and ~$75 million in 2025 as the company refinances at higher rates.
因此，由于公司以更高的利率进行再融资，该分析师在2024年看到了约2亿美元的利息支出压力，到2025年将有约7500万美元的利息支出压力。
Avis had a ~30% increase in pricing since 2019, and while the analyst believed this strength to decelerate, the ability to sustain a level of pricing growth above historical averages could create additional tailwinds to Avis's earnings.
自2019年以来，安飞士的定价上涨了约30％，尽管分析师认为这种势头将减速，但维持高于历史平均水平的定价增长水平的能力可能会给安飞士的收益带来额外的不利影响。
In addition, a more benign competitive environment may provide upside and further cost efficiencies.
此外，更温和的竞争环境可以提供上行空间和进一步的成本效率。
The analyst expects the company's FY25 revenue to be $12.025 billion.
该分析师预计，该公司25财年的收入为120.25亿美元。
According to Benzinga Pro, Avis Budget Group stock lost more than 33% in the past year. Investors can gain exposure to the stock via SPDR S&P Transportation ETF (NYSE:XTN) and Royce Quant Small-Cap Quality Value ETF (NASDAQ:SQLV).
根据Benzinga Pro的数据，Avis Budget Group的股票在过去一年中下跌了33％以上。投资者可以通过SPDR标普交通ETF（纽约证券交易所代码：XTN）和罗伊斯量化小型股质量价值ETF（纳斯达克股票代码：SQLV）获得股票敞口。
CAR Price Action: Avis Budget Group shares are trading higher by 1.88% to $123.39 at last check Thursday.
汽车价格走势：在周四的最后一次检查中，安飞士预算集团股价上涨1.88％，至123.39美元。
Photo: Rafapress via Shutterstock
照片：来自 Shutterstock 的 Rafapress