Recent Insider Transactions • Jun 25
CEO, President & Director recently bought €616k worth of stock On the 16th of June, Laura Dottori-Attanasio bought around 36k shares on-market at roughly €17.21 per share. This transaction amounted to 9.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Laura has been a buyer over the last 12 months, purchasing a net total of €2.2m worth in shares. Declared Dividend • May 20
First quarter dividend of CA$0.15 announced Shareholders will receive a dividend of CA$0.15. Ex-date: 30th June 2026 Payment date: 15th July 2026 Dividend yield will be 2.4%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (54% earnings payout ratio) but not adequately covered by cash flows (93% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 96% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 11
Element Fleet Management Corp. announces Quarterly dividend, payable on July 15, 2026 Element Fleet Management Corp. announced Quarterly dividend of CAD 0.1500 per share payable on July 15, 2026, ex-date on June 30, 2026 and record date on June 30, 2026. Announcement • Apr 10
Element Fleet Management Corp. to Report Q1, 2026 Results on May 06, 2026 Element Fleet Management Corp. announced that they will report Q1, 2026 results After-Market on May 06, 2026 Announcement • Apr 02
Element Fleet Management Corp. Announces Joan Lamm-Tennant Will Not Stand for Board of Director Election Element Fleet Management Corp. announced that Joan Lamm-Tennant has reached the end of her term limit as director and is not standing for re-election. Announcement • Mar 02
Element Fleet Management Corp., Annual General Meeting, May 07, 2026 Element Fleet Management Corp., Annual General Meeting, May 07, 2026. Announcement • Jan 26
Element Fleet Management Corp. to Report Q4, 2025 Results on Feb 24, 2026 Element Fleet Management Corp. announced that they will report Q4, 2025 results After-Market on Feb 24, 2026 Announcement • Dec 03
Element Fleet Management Corp. (TSX:EFN) entered into a definitive agreement to acquire Car IQ Inc. Element Fleet Management Corp. (TSX:EFN) entered into a definitive agreement to acquire Car IQ Inc. on December 2, 2025.
The transaction is subject to customary closing conditions and is expected to close in December 2025. BMO Nesbitt Burns Inc. acted as financial advisor to Element Fleet Management Corp. Announcement • Nov 13
Element Fleet Management Corp. Declares Quarterly Cash Dividend for the Third Quarter of 2025, Payable on January 15, 2026 The Board of Directors of Element Fleet Management Corp. authorized and declared a quarterly cash dividend of CAD 0.13 per common share of Element for the third quarter of 2025. The dividend will be payable on January 15, 2026 to shareholders of record as at the close of business on December 31, 2025. Announcement • Oct 07
Element Fleet Management Corp. to Report Q3, 2025 Results on Nov 12, 2025 Element Fleet Management Corp. announced that they will report Q3, 2025 results After-Market on Nov 12, 2025 Announcement • Jul 09
Element Fleet Management Corp. to Report Q2, 2025 Results on Aug 06, 2025 Element Fleet Management Corp. announced that they will report Q2, 2025 results After-Market on Aug 06, 2025 Announcement • May 01
Element Fleet Management Corp. Declares Quarterly Cash Dividend for the Second Quarter of 2025, Payable on July 15, 2025 Element Fleet Management Corp. announced on April 30, 2025, the Board of Directors authorized and declared a quarterly cash dividend of CAD 0.13 per common share of Element for the second quarter of 2025. The dividend will be payable on July 15, 2025 to shareholders of record as at the close of business on June 30, 2025. Announcement • Apr 04
Element Fleet Management Corp. Announces the Promotion of Claire M. Murphy to Executive Vice President, Chief Legal and Sustainability Officer Element Fleet Management Corp. announced the promotion of Claire M. Murphy to Executive Vice President, Chief Legal and Sustainability Officer. Ms. Murphy, who joined Element in 2024 as VP and Assistant General Counsel Leasing, brings more than 20 years’ experience across legal, sustainability, strategy, and human resources. In her new role, she leads legal and sustainability initiatives, ensuring strategic alignment of Element's legal, regulatory, and governance functions. Additionally, she has responsibility for corporate real estate, and protecting Element's data and digital security. Announcement • Apr 02
Element Fleet Management Corp. to Report Q1, 2025 Results on Apr 30, 2025 Element Fleet Management Corp. announced that they will report Q1, 2025 results After-Market on Apr 30, 2025 Announcement • Mar 26
Andrew Clarke and Arielle-Meloul Wechsler Decide Not to Stand for Re-Election to the Board of Directors of Element Fleet Management Corp Element Fleet Management Corp. announced that Paolo Ferrari and Tracey McVicar have been nominated to stand for election to the Company’s Board of Directors at its Annual General Meeting of Shareholders on May 2, 2025. They are being nominated to replace Andrew Clarke and Arielle-Meloul Wechsler who have decided not to stand for re-election. Announcement • Feb 24
Element Fleet Management Corp., Annual General Meeting, May 02, 2025 Element Fleet Management Corp., Annual General Meeting, May 02, 2025. Announcement • Jan 31
Element Fleet Management Corp. Launches Risk Solutions Offering with Insurance Element Fleet Management Corp. announced the launch of Element Risk Solutions - a fully integrated risk management offering. This new service, which Element is launching in a strategic partnership with Hub International Limited ("HUB"), a leading global insurance brokerage and financial services firm servicing commercial fleets, is designed to transform how clients insure and manage commercial fleets. This new service bundles insurance coverage solutions, including accident management, subrogation, driver safety programs, and telematics, to deliver a seamless, vehicle life-cycle experience for clients. Leveraging a simplified transaction process, clients can access customized insurance products powered by HUB Drive Online, based on their specific needs and vehicle. This new service offering will be available in First Quarter of 2025. Announcement • Jan 22
Element Fleet Management Corp. to Report Q4, 2024 Results on Feb 26, 2025 Element Fleet Management Corp. announced that they will report Q4, 2024 results After-Market on Feb 26, 2025 Declared Dividend • Dec 30
Third quarter dividend of CA$0.13 announced Shareholders will receive a dividend of CA$0.13. Ex-date: 31st December 2024 Payment date: 15th January 2025 Dividend yield will be 1.9%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 20% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 26% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 16
Third quarter 2024 earnings released: EPS: US$0.24 (vs US$0.23 in 3Q 2023) Third quarter 2024 results: EPS: US$0.24 (up from US$0.23 in 3Q 2023). Revenue: US$418.2m (up 8.6% from 3Q 2023). Net income: US$97.1m (up 6.1% from 3Q 2023). Profit margin: 23% (in line with 3Q 2023). Revenue is expected to decline by 6.3% p.a. on average during the next 3 years, while revenues in the Commercial Services industry in Germany are expected to grow by 5.0%. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 09
Element Fleet Management Corp. to Report Q3, 2024 Results on Nov 13, 2024 Element Fleet Management Corp. announced that they will report Q3, 2024 results After-Market on Nov 13, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of CA$0.12 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 15 October 2024. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (4.3%). Announcement • Aug 22
Element Fleet Management Corp. Announces Executive Changes Element Fleet Management Corp. announced two leadership transitions within its executive team. After an illustrious tenure as Chief Operating Officer, Jim Halliday will take on a new role as Vice Chair, continuing to report directly to Laura Dottori-Attanasio, CEO. With over 20 years of dedicated service at Element, including his role as COO since 2018, Jim has been pivotal in steering the company towards success. In his role, Jim will focus on strengthening key relationships with clients and partners while providing strategic guidance to enhance the company’s performance. With this change, company announced that Ian Oncea is promoted to Chief Operating Officer. Since joining Element as Senior Vice President of Product Strategy and Continuous Improvement, Ian has proven to be an invaluable asset, leading strategic initiatives across Element. His extensive experience in operations and innovative product strategies, combined with his collaborative approach, makes him an ideal candidate to lead the team forward. Declared Dividend • Aug 19
Second quarter dividend of CA$0.12 announced Shareholders will receive a dividend of CA$0.12. Ex-date: 27th September 2024 Payment date: 15th October 2024 Dividend yield will be 2.1%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 20% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: US$0.26 (vs US$0.22 in 2Q 2023) Second quarter 2024 results: EPS: US$0.26 (up from US$0.22 in 2Q 2023). Revenue: US$416.5m (up 14% from 2Q 2023). Net income: US$99.8m (up 18% from 2Q 2023). Profit margin: 24% (in line with 2Q 2023). Revenue is expected to decline by 7.3% p.a. on average during the next 3 years, while revenues in the Commercial Services industry in Germany are expected to grow by 5.2%. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (3.5% increase in shares outstanding). Announcement • Jul 11
Element Fleet Management Corp. to Report Q2, 2024 Results on Aug 13, 2024 Element Fleet Management Corp. announced that they will report Q2, 2024 results After-Market on Aug 13, 2024 Buy Or Sell Opportunity • Jul 03
Now 20% undervalued Over the last 90 days, the stock has risen 13% to €16.40. The fair value is estimated to be €20.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to decline by 29% in a year. Earnings are forecast to grow by 16% in the next year. Buy Or Sell Opportunity • Jun 17
Now 20% undervalued Over the last 90 days, the stock has risen 9.6% to €16.00. The fair value is estimated to be €20.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to decline by 29% in a year. Earnings are forecast to grow by 16% in the next year. Buy Or Sell Opportunity • May 24
Now 21% undervalued Over the last 90 days, the stock has risen 1.9% to €15.90. The fair value is estimated to be €20.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to decline by 29% in a year. Earnings are forecast to grow by 15% in the next year. Recent Insider Transactions • May 22
Independent Director recently sold €417k worth of stock On the 21st of May, G. Graham sold around 25k shares on-market at roughly €16.67 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €1.3m more than they sold in the last 12 months. Declared Dividend • May 20
First quarter dividend of CA$0.12 announced Shareholders will receive a dividend of CA$0.12. Ex-date: 28th June 2024 Payment date: 15th July 2024 Dividend yield will be 2.3%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (37% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 20% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 42% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 16
Element Fleet Management Corp. Approves Election of Luis Tellez as Director Element Fleet Management Corp. announced that at its AGM held on May 15, 2024, the shareholders approved election of Luis Tellez as director of the company. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: US$0.23 (vs US$0.19 in 1Q 2023) First quarter 2024 results: EPS: US$0.23 (up from US$0.19 in 1Q 2023). Revenue: US$409.0m (up 20% from 1Q 2023). Net income: US$93.8m (up 26% from 1Q 2023). Profit margin: 23% (up from 22% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 9.0% p.a. on average during the next 3 years, while revenues in the Commercial Services industry in Germany are expected to grow by 5.5%. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 18% per year. Announcement • Apr 26
Element Fleet Management Corp. Appoints Christine Lee Barber as Head of Asia Operations Element Fleet Management Corp. announced that Leading Element’s operations in Singapore is newly appointed Christine Lee Barber, Head of Asia Operations. Lee Barber, who has in-depth knowledge and expertise within the region, will be accountable for strategic sourcing and relationship management in order to solidify and expand Element’s relationships with Asian-based original equipment manufacturers (OEMs). Announcement • Apr 11
Element Fleet Management Corp. to Report Q1, 2024 Results on May 14, 2024 Element Fleet Management Corp. announced that they will report Q1, 2024 results After-Market on May 14, 2024 Upcoming Dividend • Mar 20
Upcoming dividend of CA$0.12 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 15 April 2024. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (4.6%). Declared Dividend • Mar 04
Fourth quarter dividend of CA$0.12 announced Shareholders will receive a dividend of CA$0.12. Ex-date: 27th March 2024 Payment date: 15th April 2024 Dividend yield will be 2.3%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (37% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 22% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 32% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 02
Element Fleet Management Corp., Annual General Meeting, May 15, 2024 Element Fleet Management Corp., Annual General Meeting, May 15, 2024. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: CA$1.13 (vs CA$0.96 in FY 2022) Full year 2023 results: EPS: CA$1.13 (up from CA$0.96 in FY 2022). Revenue: CA$1.99b (up 19% from FY 2022). Net income: CA$466.2m (up 22% from FY 2022). Profit margin: 23% (in line with FY 2022). Revenue is expected to decline by 12% p.a. on average during the next 3 years, while revenues in the Commercial Services industry in Germany are expected to grow by 5.1%. Over the last 3 years on average, earnings per share has increased by 23% per year and the company’s share price has also increased by 23% per year. Announcement • Jan 26
Element Fleet Management Corp. to Report Q4, 2023 Results on Feb 27, 2024 Element Fleet Management Corp. announced that they will report Q4, 2023 results After-Market on Feb 27, 2024 Upcoming Dividend • Dec 21
Upcoming dividend of CA$0.12 per share at 2.3% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 15 January 2024. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (4.3%). Announcement • Nov 22
Element Fleet Management Corp. Announces Board Changes Element Fleet Management Corp. announced that Kathleen (Katie) Taylor has been appointed to the Company’s Board of Directors and will assume the role of Chair effective upon her election as a director at Element’s 2024 annual shareholder meeting (the Meeting), currently expected to be held in May 2024. She will succeed the Company’s current Board Chair, David Denison, who will retire from the Board at the Meeting after completing his five-year term as Chair. Ms. Taylor currently serves as Chair of Altas Partners, a Toronto based private equity firm. She is also Vice Chair of the Adecco Group AG, and a director of Air Canada and Mattamy Asset Management. Ms. Taylor recently concluded her tenure as a director and chair of the Board of the Royal Bank of Canada and as a director of CPP Investments. Ms. Taylor is the former President and Chief Executive Officer of Four Seasons Hotels and Resorts. Katie Taylor Biography: Ms. Taylor currently serves as Chair of Altas Partners, a Toronto-based private equity firm. She is also Vice Chair of the Adecco Group AG, a director of Air Canada and Mattamy Asset Management, and the Chair of the Advisory Board of the Cabot Collection. In her community work, Ms. Taylor is Chancellor of York University, Chair of the Board of Trustees for the Hospital for Sick Children and the immediate past Chair and member of the Board of the SickKids Foundation. Ms. Taylor is the former Chair of the Board of the Royal Bank of Canada, a former director of CPP Investments and the former President and Chief Executive Officer of Four Seasons Hotels and Resorts. Ms. Taylor is a member of the C.D. Howe Institute’s National Council, Co-Chair of their Human Capital Policy Council and a member of the Task Force on the Digital Economy. She also serves on the Dean’s Advisory Council of the Schulich School of Business. Ms. Taylor holds an MBA from the Schulich School of Business, a law degree from Osgoode Hall Law School, and a Bachelor of Arts (honours) from the University of Toronto. She has also received an honorary Doctor of Laws from the University of Toronto, McGill University, York University, and Trent University, an honorary Doctor of Humane Letters from Mount Saint Vincent University, and an honorary Doctor of Divinity from Huron University. Ms. Taylor was appointed a Member of the Order of Canada in 2016. Reported Earnings • Nov 07
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: CA$516.8m (up 21% from 3Q 2022). Net income: CA$128.8m (up 32% from 3Q 2022). Profit margin: 25% (up from 23% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 6.9% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in Germany are expected to grow by 10.0%. Announcement • Oct 05
Element Fleet Management Corp. to Report Q3, 2023 Results on Nov 06, 2023 Element Fleet Management Corp. announced that they will report Q3, 2023 results After-Market on Nov 06, 2023 Recent Insider Transactions • Sep 21
CEO, President & Director recently bought €516k worth of stock On the 14th of September, Laura Dottori-Attanasio bought around 37k shares on-market at roughly €13.80 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Laura has been a buyer over the last 12 months, purchasing a net total of €2.5m worth in shares. Recent Insider Transactions • Aug 25
Independent Director recently sold €353k worth of stock On the 16th of August, G. Graham sold around 25k shares on-market at roughly €14.10 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €2.6m more than they sold in the last 12 months. Recent Insider Transactions • Aug 22
Independent Director recently sold €353k worth of stock On the 16th of August, G. Graham sold around 25k shares on-market at roughly €14.10 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €2.5m more than they sold in the last 12 months. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: CA$0.29 (vs CA$0.26 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.29 (up from CA$0.26 in 2Q 2022). Revenue: CA$492.2m (up 16% from 2Q 2022). Net income: CA$120.0m (up 17% from 2Q 2022). Profit margin: 24% (in line with 2Q 2022). Revenue is expected to decline by 13% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in Germany are expected to grow by 8.2%. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Announcement • Jun 29
Element Fleet Management Corp. to Report Q2, 2023 Results on Aug 08, 2023 Element Fleet Management Corp. announced that they will report Q2, 2023 results After-Market on Aug 08, 2023 Upcoming Dividend • Jun 22
Upcoming dividend of CA$0.10 per share at 1.9% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 14 July 2023. Payout ratio is a comfortable 35% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.8%). Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €13.60, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Diversified Financial industry in Germany. Total returns to shareholders of 173% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.06 per share. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: CA$0.26 (vs CA$0.21 in 1Q 2022) First quarter 2023 results: EPS: CA$0.26 (up from CA$0.21 in 1Q 2022). Revenue: CA$459.1m (up 17% from 1Q 2022). Net income: CA$106.5m (up 25% from 1Q 2022). Profit margin: 23% (up from 22% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 10.0% p.a. on average during the next 2 years, while revenues in the Diversified Financial industry in Germany are expected to grow by 8.9%. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of CA$0.10 per share at 2.2% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 14 April 2023. Payout ratio is a comfortable 35% and the cash payout ratio is 94%. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.7%). Recent Insider Transactions • Mar 12
President recently bought €686k worth of stock On the 9th of March, Laura Dottori-Attanasio bought around 51k shares on-market at roughly €13.37 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Laura's only on-market trade for the last 12 months. Reported Earnings • Mar 08
Full year 2022 earnings released: EPS: CA$0.96 (vs CA$0.77 in FY 2021) Full year 2022 results: EPS: CA$0.96 (up from CA$0.77 in FY 2021). Revenue: CA$1.68b (up 15% from FY 2021). Net income: CA$381.6m (up 18% from FY 2021). Profit margin: 23% (in line with FY 2021). Revenue is expected to decline by 15% p.a. on average during the next 2 years, while revenues in the Diversified Financial industry in Germany are expected to grow by 9.4%. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Feb 10
Element Fleet Management Corp. to Report Q4, 2022 Results on Mar 06, 2023 Element Fleet Management Corp. announced that they will report Q4, 2022 results After-Market on Mar 06, 2023 Upcoming Dividend • Dec 22
Upcoming dividend of CA$0.10 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 13 January 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (2.6%). Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: CA$0.25 (vs CA$0.18 in 3Q 2021) Third quarter 2022 results: EPS: CA$0.25 (up from CA$0.18 in 3Q 2021). Revenue: CA$425.7m (up 16% from 3Q 2021). Net income: CA$103.7m (up 35% from 3Q 2021). Profit margin: 24% (up from 21% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 7.3% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 08
Now 22% undervalued Over the last 90 days, the stock is up 18%. The fair value is estimated to be €15.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 23% in 2 years. Earnings is forecast to grow by 35% in the next 2 years. Buying Opportunity • Sep 22
Now 20% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be €15.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 23% in 2 years. Earnings is forecast to grow by 35% in the next 2 years. Upcoming Dividend • Sep 21
Upcoming dividend of CA$0.077 per share Eligible shareholders must have bought the stock before 28 September 2022. Payment date: 14 October 2022. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (2.9%). Buying Opportunity • Aug 27
Now 20% undervalued Over the last 90 days, the stock is up 23%. The fair value is estimated to be €15.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 23% in 2 years. Earnings is forecast to grow by 35% in the next 2 years. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 17% share price gain to €13.00, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 11x in the Diversified Financial industry in Europe. Total returns to shareholders of 100% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €15.36 per share. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: CA$0.26 (vs CA$0.17 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.26 (up from CA$0.17 in 2Q 2021). Revenue: CA$423.6m (up 20% from 2Q 2021). Net income: CA$103.0m (up 42% from 2Q 2021). Profit margin: 24% (up from 21% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 29% compared to a 6.7% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of CA$0.077 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.4%). Lower than average of industry peers (2.8%). Buying Opportunity • Jun 11
Now 21% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be €12.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 30% in a year. Earnings is forecast to grow by 8.4% in the next year. Buying Opportunity • May 21
Now 20% undervalued Over the last 90 days, the stock is up 17%. The fair value is estimated to be €12.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 30% in a year. Earnings is forecast to grow by 8.4% in the next year. Reported Earnings • May 11
First quarter 2022 earnings released: EPS: CA$0.21 (vs CA$0.20 in 1Q 2021) First quarter 2022 results: EPS: CA$0.21. Revenue: CA$394.2m (up 6.3% from 1Q 2021). Net income: CA$85.5m (down 2.2% from 1Q 2021). Profit margin: 22% (down from 24% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 30% compared to a 8.5% growth forecast for the industry in Germany. Upcoming Dividend • Mar 23
Upcoming dividend of CA$0.077 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 15 April 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (3.6%). Higher than average of industry peers (2.1%). Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: CA$0.76 (up from CA$0.56 in FY 2020). Revenue: CA$1.47b (up 2.7% from FY 2020). Net income: CA$356.0m (up 45% from FY 2020). Profit margin: 24% (up from 17% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 33% compared to a 13% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 23
Upcoming dividend of CA$0.077 per share Eligible shareholders must have bought the stock before 30 December 2021. Payment date: 14 January 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (3.3%). Higher than average of industry peers (2.0%). Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS CA$0.18 (vs CA$0.14 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CA$365.6m (up 2.1% from 3Q 2020). Net income: CA$100.8m (up 68% from 3Q 2020). Profit margin: 28% (up from 17% in 3Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. 
