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Thoughts on FleetPartners Group (FPR)

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Question asked 11/05/2024

Thoughts on FleetPartners Group (FPR)

G'Day James and All at MM, In the light of your comments today about SIG, I was wondering what you think of FPR going forward. They have had a disastrous history following some bad strategic decisions a few years back. Since then, they have restructured to core business under new management. They are now profitable, but they have no franking credits so have bought back shares instead of paying dividends. Looks like a potential take-over target to me. SIG perhaps! Cheers, Ron

Answer

Hi Ron,

Vehicle leasing business FPR has been a beneficiary of EVs with new business writing remaining strong while operating expenses have been well managed plus it has the support of the $30mn buyback announced in late 2023 as you point out. The previously named Eclipx Group (ECX) good looks solid at the moment.

We like FPR’s valuation around the $3.50 area.

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FleetPartners Group Ltd (FPR)

LAST UPDATED 10/05/2024 17:24

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