Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
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Valued as a growth company: P/E comparison.
ACCE opinionAyvens (AYV.PA)
Fair value
Not available
ACCE price target
€9.30
Rating
Not rated
Horizon
12 months
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: €8.76 at the close on 23 Oct 2026, 17:30 CEST.
Models: P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
39
out of 100
P/E
7.4x
forward 6.5x
1-year return
-15.0%
Dividend yield
6.64%
Ayvens in four questions
Plain answers, details below
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Overview
ACCE thesis
Ayvens is the Société Générale-owned long-term vehicle leasing and fleet management business, financing and servicing corporate and private lease fleets across Europe and beyond, with its own data and remarketing operations to sell off used cars. The moat is scale in fleet financing and remarketing, which lets it price residual values and funding costs better than smaller lessors. The near-term story hinges on margins as funding costs ease and used-car prices hold, though the reported 1.9% revenue growth shows the top line is barely moving. At 7.4x trailing and 6.4x forward earnings with a 9.1% ROE, the stock prices in a lot of skepticism about cyclicality and residual-value risk. That is enough to justify reading the next two annual reports closely for evidence on margin direction and remarketing results.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Negative free cash flow
Free cash flow is reported at $-6.83B against a EUR 6.8B market cap. Leasing businesses fund fleet growth with cash, so a deficit this size needs to be read against the debt load.
high
Heavy leverage
Debt/Equity of 3.33 means the balance sheet carries more than three times equity in debt, leaving little room if funding costs rise or asset values fall.
moderate
Earnings declining despite revenue growth
Revenue grew 1.9% year on year while earnings fell 2.6%, so profit is not keeping pace with the top line.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Analysts' mean price target of EUR 11.72 sits 32.4% above the current share price.
The stock trades at a trailing P/E of 7.5x, which is low for a business of this type.
The dividend yield of 6.7% gives income investors a substantial cash return while they wait.
Why it could disappoint
Free cash flow over the last twelve months was negative at -EUR 6.8B, so the dividend is not covered by cash generated.
Debt to equity of 3.33 leaves the balance sheet heavily reliant on borrowing.
Return on equity of 9.1% and a net margin of 4.0% are thin for the capital tied up in the business.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 29, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where AYV.PA's valuation models land
Price
€8.76
Model fair valueConfidence: low
about €28.67
Model
Fair value
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