Aramis Group SAS (ARAMI.PA) fair value

ACCE thesis

Aramis Group runs a French online used-car retailer, selling pre-owned vehicles through its aramisauto.com platform backed by a network of physical sites, with its Adresse subsidiary in insurance-linked services. The structural argument is that a digital-first used-car model with a national logistics footprint can gain share from fragmented independent dealers, but the financials have not yet shown that. Revenue fell 6.5% and the operating margin is 0.6% against a 9.4% gross margin, so the business is thin and the thesis rests on margin recovery, not growth. The stock trades at 21.9x trailing and 17.2x forward earnings, a sizeable drop that implies analysts expect earnings to rebound, which is the claim to test. At a 286M EUR market cap with no index membership and a 6.8% ROE, it is a small, under-followed name where a deeper look should focus on used-car volumes, unit gross profit and whether the forward earnings estimate is credible.