Announcement • Jun 01
Avis Budget Group, Inc. Announces Chief Accounting Officer Changes On May 26, 2026, Avis Budget Group, Inc. appointed Tina Goldenberg to the position of Chief Accounting Officer of the Company, effective June 15, 2026. Cathleen DeGenova, who is retiring, will continue to serve as Senior Vice President and Chief Accounting Officer until June 14, 2026. Ms. DeGenova will continue to advise the Company through April 1, 2027, to assist with the orderly transition of her duties to Ms. Goldenberg. The Company thanks Ms. DeGenova for her 13 years of dedicated exemplary service to the Company and its shareholders. Ms. Goldenberg, age 42, has been a Senior Director of the Company overseeing Accounting for the Company’s Americas region since March 2020. Ms. Goldenberg previously held the title of Senior Director, Financial Reporting & Technical Accounting from August 2019, and held roles of increasing responsibility within Internal Reporting from March 2013, when she joined the Company. Prior to joining the Company, Ms. Goldenberg was an accountant with Deloitte. Ms. Goldenberg is a Certified Public Accountant. Pursuant to Ms. Goldenberg’s offer letter, dated May 26, 2026 (the “Offer Letter”), Ms. Goldenberg will receive an annual base salary of $270,000, will be eligible to earn an annual incentive award at a target rate of 45% of base salary, subject to attainment of applicable performance goals, and will continue to be eligible to participate in the Company’s annual long-term incentive program. Recent Insider Transactions • May 03
Insider recently sold US$639k worth of stock On the 30th of April, Ravindra Simhambhatla sold around 3k shares on-market at roughly US$184 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$2.7m more than they bought in the last 12 months. Reported Earnings • Apr 30
First quarter 2026 earnings released: US$8.02 loss per share (vs US$14.35 loss in 1Q 2025) First quarter 2026 results: US$8.02 loss per share (improved from US$14.35 loss in 1Q 2025). Revenue: US$2.53b (up 4.1% from 1Q 2025). Net loss: US$283.0m (loss narrowed 44% from 1Q 2025). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Announcement • Apr 23
Avis Budget Group, Inc. to Report Q1, 2026 Results on Apr 29, 2026 Avis Budget Group, Inc. announced that they will report Q1, 2026 results at 7:00 AM, US Eastern Standard Time on Apr 29, 2026 Announcement • Apr 04
Avis Budget Group, Inc., Annual General Meeting, May 20, 2026 Avis Budget Group, Inc., Annual General Meeting, May 20, 2026. Buy Or Sell Opportunity • Apr 01
Now 36% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to US$162. The fair value is estimated to be US$119, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Announcement • Mar 28
Avis Budget Group, Inc. has filed a Follow-on Equity Offering in the amount of $5 million. Avis Budget Group, Inc. has filed a Follow-on Equity Offering in the amount of $5 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering New Risk • Mar 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Buy Or Sell Opportunity • Mar 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 26% to US$99.74. The fair value is estimated to be US$126, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Feb 23
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 35% to US$87.76. The fair value is estimated to be US$114, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. New Risk • Feb 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.3x net interest cover). Minor Risk Share price has been volatile over the past 3 months (6.0% average weekly change). Reported Earnings • Feb 19
Full year 2025 earnings released: US$25.26 loss per share (vs US$51.30 loss in FY 2024) Full year 2025 results: US$25.26 loss per share (improved from US$51.30 loss in FY 2024). Revenue: US$11.7b (down 1.2% from FY 2024). Net loss: US$889.0m (loss narrowed 51% from FY 2024). Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 2.0% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. New Risk • Feb 19
New major risk - Revenue and earnings growth Earnings have declined by 30% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). Earnings have declined by 30% per year over the past 5 years. Announcement • Jan 16
Avis Budget Group, Inc. to Report Q4, 2025 Results on Feb 18, 2026 Avis Budget Group, Inc. announced that they will report Q4, 2025 results After-Market on Feb 18, 2026 Reported Earnings • Oct 28
Third quarter 2025 earnings released: EPS: US$10.20 (vs US$6.68 in 3Q 2024) Third quarter 2025 results: EPS: US$10.20 (up from US$6.68 in 3Q 2024). Revenue: US$3.52b (up 1.1% from 3Q 2024). Net income: US$359.0m (up 52% from 3Q 2024). Profit margin: 10% (up from 6.8% in 3Q 2024). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Announcement • Oct 23
Avis Budget Group Announces European Launch of Avis First Avis Budget Group announced the European launch of Avis First, an innovative new premium service designed to transform the car rental experience for discerning travellers. From October 22, 2025, in Rome Fiumicino, Geneva International and Zurich Kloten Airports, Avis First will eliminate queues and hassle, offering a seamless, personalised journey from the moment of arrival. With many more locations to be launched very soon. Avis First introduces a true concierge-style service, where travellers are met directly at arrivals by a dedicated Avis representative. From there, they are personally escorted to their guaranteed premium BMW - be it a sophisticated 3, 4, or 5 Series, or a luxurious and practical X3 or X5 SUV - located just steps from the terminal. This bespoke service ensures an immediate, stress-free transition from plane to premium vehicle, allowing customers to bypass traditional rental counters entirely. Key benefits of the Avis First experience include: Personalised Concierge Service: A dedicated Avis representative meets at arrivals and escorts directly to vehicle. Guaranteed Premium BMW: Drive away in a high-spec BMW model, chosen for its comfort, style, and performance. Effortless Returns: Simply pull up to a dedicated area close to departures, hand over the keys, and head straight to gate. Dedicated Support: Access to a VIP phone line and a mobile app-driven reservation and pick-up communication system for ultimate control and convenience. AVIS on Apple and AVIS on Google Play. No Need To Refuel: return the car and we'll fill up at the same price would have paid yourself. Avis First is set to expand rapidly, with further European and Global locations planned throughout the coming year and beyond, solidifying Avis's commitment to innovation in premium travel. To learn more about Avis First and book elevated arrival experience, download AVIS on Apple andAVIS on Google Play. Alex gives his top tips for seamless travel through the airport. Skip the queues with trusted traveler programs like Global Entry (for International) and CLEAR (biometric fast) Don't forget to download an ESIM to stay connected on arrival. You could try Airalo, Nomad or Holafly. Download an in-airport navigation map for ease and speed moving around unfamiliar airports. something like Pointr,Gate Guru, or Navigine could work well. Don't forget to pre book an in terminal courtesy cart if have a tight connecting flight. Saves the dash with hand luggage. Saves the dash withhand luggage. Announcement • Oct 04
Avis Budget Group, Inc. to Report Q3, 2025 Results on Oct 27, 2025 Avis Budget Group, Inc. announced that they will report Q3, 2025 results After-Market on Oct 27, 2025 Recent Insider Transactions • Aug 19
Insider recently sold US$1.6m worth of stock On the 15th of August, Edward Linnen sold around 10k shares on-market at roughly US$157 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$2.1m more than they bought in the last 12 months. Recent Insider Transactions • Aug 07
Director recently sold US$353k worth of stock On the 4th of August, Bernardo Hees sold around 2k shares on-market at roughly US$160 per share. This transaction amounted to 1.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$549k more than they bought in the last 12 months. Reported Earnings • Jul 30
Second quarter 2025 earnings released: EPS: US$0.11 (vs US$0.39 in 2Q 2024) Second quarter 2025 results: EPS: US$0.11 (down from US$0.39 in 2Q 2024). Revenue: US$3.04b (flat on 2Q 2024). Net income: US$4.00m (down 71% from 2Q 2024). Profit margin: 0.1% (down from 0.5% in 2Q 2024). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Announcement • Jul 23
Avis Budget Group, Inc. to Report Q2, 2025 Results on Jul 29, 2025 Avis Budget Group, Inc. announced that they will report Q2, 2025 results at 4:00 PM, US Eastern Standard Time on Jul 29, 2025 Announcement • Jul 21
Avis Budget Group, Inc. Unveils Avis First Avis Budget Group, Inc. officially unveils Avis First: a premium, concierge-level car rental experience designed for people who expect more: more comfort, more control and more time back in their day. This isn't just a new tier. It's a whole new class of rental. And the best part, the product is priced for everyone, not just the select few. Avis First doesn't replace the traditional rental model, it reimagines it entirely. By offering a premium, concier ge-level experience, company's turned the everyday into the exceptional. Welcome to the new era of first-class car rental. Announcement • Jun 10
Avis Budget Group Announces CFO Changes Avis Budget Group, Inc. announced the appointment of Daniel Cunha as Chief Financial Officer, effective July 1, 2025. Mr. Cunha will lead ABG’s finance functions and partner with other senior leaders to set and deliver on the Company's long-term strategic and financial objectives. Izzy Martins will be leaving the Company on June 30, 2025, to pursue another opportunity. Mr. Cunha joins ABG from Orion Services Group, a private equity owned commercial field services company, where he served as CFO for the past year. Prior to Orion, Mr. Cunha was the CFO of Ocean Spray and Heinz North America. Mr. Cunha started his career at McKinsey & Company as a consultant and subsequently worked in private equity at GP Investments. He has a degree in Mechanical and Aeronautical Engineering from Instituto Tecnológico de Aeronáutica and an MBA from Harvard Business School. Ms. Martins will continue to advise the Company through August 31, 2025, to assist with the orderly transition of her duties to Mr. Cunha. Announcement • Jun 02
Avis Budget Group, Inc. Announces CEO Changes, Effective July 1, 2025 Avis Budget Group, Inc. announced that the Company’s Chief Executive Officer CEO Defendant Joseph A. Ferraro (“Ferraro”), will transition from CEO to Board Advisor, effective June 30, 2025 and that Brian Choi, the Company’s Chief Transformation Officer, will take over as CEO, effective July 1, 2025. Reported Earnings • May 08
First quarter 2025 earnings released: US$14.35 loss per share (vs US$3.20 loss in 1Q 2024) First quarter 2025 results: US$14.35 loss per share (further deteriorated from US$3.20 loss in 1Q 2024). Revenue: US$2.43b (down 4.7% from 1Q 2024). Net loss: US$505.0m (loss widened 343% from 1Q 2024). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Announcement • Apr 29
Pomerantz LLP Announces Class Action Lawsuit Files Against Avis Budget Group, Inc Pomerantz LLP announced that a class action lawsuit has been filed against Avis Budget Group, Inc. and certain officers. The class action, filed in the United States District Court for the District of New Jersey, and docketed under 25-cv-03332, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Avis Budget securities between February 16, 2024 and February 10, 2025, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials. The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Avis Budget crafted and implemented a plan to significantly accelerate its fleet rotation in the fourth quarter of 2024; (ii) the foregoing acceleration shortened the useful life of the majority of the Company's vehicles in the Americas segment, thereby reducing their recoverable value; (iii) as a result, Avis Budget would be forced to recognize billions of dollars in impairment charges and incur substantial losses; (iv) all the foregoing was likely to, and did, have a significant negative impact on the Company's financial results; (v) accordingly, Avis Budget's financial and/or business prospects were overstated; and (vi) as a result, Defendants' public statements were materially false and misleading at all relevant times. Announcement • Apr 18
Avis Budget Group, Inc. to Report Q1, 2025 Results on May 07, 2025 Avis Budget Group, Inc. announced that they will report Q1, 2025 results After-Market on May 07, 2025 Announcement • Mar 28
Avis Budget Group, Inc., Annual General Meeting, May 14, 2025 Avis Budget Group, Inc., Annual General Meeting, May 14, 2025. New Risk • Mar 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). Reported Earnings • Feb 12
Full year 2024 earnings released: US$51.30 loss per share (vs US$42.61 profit in FY 2023) Full year 2024 results: US$51.30 loss per share (down from US$42.61 profit in FY 2023). Revenue: US$11.8b (down 1.8% from FY 2023). Net loss: US$1.82b (down 212% from profit in FY 2023). Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 2.5% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Announcement • Feb 08
Avis Budget Group, Inc. to Report Q4, 2024 Results on Feb 11, 2025 Avis Budget Group, Inc. announced that they will report Q4, 2024 results After-Market on Feb 11, 2025 Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director Anu Hariharan was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$107, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Transportation industry in Europe. Total loss to shareholders of 60% over the past three years. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: US$6.68 (vs US$16.97 in 3Q 2023) Third quarter 2024 results: EPS: US$6.68 (down from US$16.97 in 3Q 2023). Revenue: US$3.48b (down 2.4% from 3Q 2023). Net income: US$237.0m (down 62% from 3Q 2023). Profit margin: 6.8% (down from 18% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Announcement • Oct 26
Avis Budget Group, Inc. to Report Q3, 2024 Results on Oct 31, 2024 Avis Budget Group, Inc. announced that they will report Q3, 2024 results After-Market on Oct 31, 2024 Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$85.90, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Transportation industry in Europe. Total loss to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$69.43, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Transportation industry in Europe. Total loss to shareholders of 18% over the past three years. Reported Earnings • Aug 06
Second quarter 2024 earnings released: EPS: US$0.39 (vs US$11.13 in 2Q 2023) Second quarter 2024 results: EPS: US$0.39 (down from US$11.13 in 2Q 2023). Revenue: US$3.05b (down 2.4% from 2Q 2023). Net income: US$14.0m (down 97% from 2Q 2023). Profit margin: 0.5% (down from 14% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$85.80, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Transportation industry in Europe. Total returns to shareholders of 7.7% over the past three years. Announcement • Jul 12
Avis Budget Group, Inc. to Report Q2, 2024 Results on Aug 05, 2024 Avis Budget Group, Inc. announced that they will report Q2, 2024 results After-Market on Aug 05, 2024 New Risk • May 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings are forecast to decline by an average of 43% per year for the foreseeable future. High level of non-cash earnings (22% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (10% net profit margin). Reported Earnings • May 02
First quarter 2024 earnings released: US$3.20 loss per share (vs US$7.88 profit in 1Q 2023) First quarter 2024 results: US$3.20 loss per share (down from US$7.88 profit in 1Q 2023). Revenue: US$2.55b (flat on 1Q 2023). Net loss: US$114.0m (down 137% from profit in 1Q 2023). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Apr 21
Avis Budget Group, Inc. to Report Q1, 2024 Results on May 01, 2024 Avis Budget Group, Inc. announced that they will report Q1, 2024 results After-Market on May 01, 2024 Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$102, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Transportation industry in Europe. Total returns to shareholders of 35% over the past three years. Announcement • Apr 04
Avis Budget Group, Inc., Annual General Meeting, May 22, 2024 Avis Budget Group, Inc., Annual General Meeting, May 22, 2024, at 09:00 US Eastern Standard Time. Agenda: To elect as directors the six nominees named in the accompanying proxy statement for a one-year term expiring in 2025 and until his or her successor is duly elected and qualified or until his or her earlier resignation or removal; to ratify the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for fiscal year 2024; to provide advisory approval of the compensation of company's named executive officers; and to transact such other business as may properly come before the Meeting or any adjournment or postponement thereof. New Risk • Feb 18
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Earnings are forecast to decline by an average of 41% per year for the foreseeable future. High level of non-cash earnings (24% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Profit margins are more than 30% lower than last year (14% net profit margin). Significant insider selling over the past 3 months (US$4.4m sold). New Risk • Feb 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Earnings are forecast to decline by an average of 37% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Profit margins are more than 30% lower than last year (14% net profit margin). Significant insider selling over the past 3 months (US$4.4m sold). Reported Earnings • Feb 13
Full year 2023 earnings released: EPS: US$42.61 (vs US$58.44 in FY 2022) Full year 2023 results: EPS: US$42.61 (down from US$58.44 in FY 2022). Revenue: US$12.0b (flat on FY 2022). Net income: US$1.63b (down 41% from FY 2022). Profit margin: 14% (down from 23% in FY 2022). Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Announcement • Jan 13
Avis Budget Group, Inc. to Report Q4, 2023 Results on Feb 12, 2024 Avis Budget Group, Inc. announced that they will report Q4, 2023 results After-Market on Feb 12, 2024 Recent Insider Transactions • Dec 20
CEO & President recently sold US$3.6m worth of stock On the 15th of December, Joseph Ferraro sold around 18k shares on-market at roughly US$195 per share. This transaction amounted to 7.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Joseph's only on-market trade for the last 12 months. Announcement • Dec 06
Avis Budget Group, Inc. Announces Special Cash Dividend, Payable on December 21, 2023 Avis Budget Group, Inc. announced the declaration by its Board of Directors of a special cash dividend of $10.00 per share of common stock. The special cash dividend is payable on December 21, 2023 to stockholders of record as of the close of business on December 15, 2023. New Risk • Nov 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Earnings are forecast to decline by an average of 50% per year for the foreseeable future. High level of non-cash earnings (27% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (15% net profit margin). New Risk • Nov 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Earnings are forecast to decline by an average of 50% per year for the foreseeable future. High level of non-cash earnings (27% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (15% net profit margin). Announcement • Nov 02
Avis Budget Group, Inc. Announces Appointment of Izzy Martins as Chief Financial Officer, Effective January 1, 2024 Avis Budget Group, Inc. announced significant changes within its leadership team, reinforcing the company's commitment to its strategic vision and long-term success. Effective January 1, 2024, Izzy Martins, currently serving as EVP Americas, will assume the role of EVP & Chief Financial Officer, succeeding Brian Choi, who will take on the newly established position of EVP & Chief Transformation Officer. Ms. Martins has been with Avis Budget Group for nearly 20 years in various senior strategic and financial roles, including Chief Financial Officer, Americas, Chief Accounting Officer and most recently EVP Americas, where she obtained a wealth of operational expertise through her responsibilities for the Americas region. Mr. Choi's appointment as EVP & Chief Transformation Officer underscores Avis Budget Group's commitment to leveraging data, analytics, and cutting-edge technology to enhance the customer experience, revenue management, and overall operational performance. Mr. Choi has served as the company's EVP & Chief Financial Officer since August 2020. In addition, effective immediately following the 2024 Annual Meeting, Jagdeep Pahwa, currently Vice Chairman of the Board, will become Chairman replacing Bernardo Hees in that capacity. Mr. Hees will continue to be a member of the Company's Board of Directors. Mr. Pahwa has been a director since April 2018 and Vice Chairman since 2020. Mr. Pahwa serves as President of SRS Investment Management. Mr. Hees has been a director since February 2020 and Executive Chairman since July 2020. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: US$16.97 (vs US$22.09 in 3Q 2022) Third quarter 2023 results: EPS: US$16.97 (down from US$22.09 in 3Q 2022). Revenue: US$3.56b (flat on 3Q 2022). Net income: US$626.0m (down 40% from 3Q 2022). Profit margin: 18% (down from 29% in 3Q 2022). Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Transportation industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 83% per year whereas the company’s share price has increased by 80% per year. Announcement • Nov 02
Avis Budget Group, Inc. Announces Management Changes Avis Budget Group, Inc. announced significant changes within its leadership team, reinforcing the company's commitment to its strategic vision and long-term success. Effective January 1, 2024, Izzy Martins, currently serving as EVP Americas, will assume the role of EVP & Chief Financial Officer, succeeding Brian Choi, who will take on the newly established position of EVP & Chief Transformation Officer. Ms. Martins has been with Avis Budget Group for nearly 20 years in various senior strategic and financial roles, including Chief Financial Officer, Americas, Chief Accounting Officer and most recently EVP Americas, where she obtained a wealth of operational expertise through her responsibilities for the Americas region. Mr. Choi's appointment as EVP & Chief Transformation Officer underscores Avis Budget Group's commitment to leveraging data, analytics, and cutting-edge technology to enhance the customer experience, revenue management, and overall operational performance. Mr. Choi has served as the company's EVP & Chief Financial Officer since August 2020. In addition, effective immediately following the 2024 Annual Meeting, Jagdeep Pahwa, currently Vice Chairman of the Board, will become Chairman replacing Bernardo Hees in that capacity. Mr. Hees will continue to be a member of the Company's Board of Directors. Mr. Pahwa has been a director since April 2018 and Vice Chairman since 2020. Mr. Pahwa serves as President of SRS Investment Management. Mr. Hees has been a director since February 2020 and Executive Chairman since July 2020. Announcement • Oct 10
Avis Budget Group, Inc. to Report Q3, 2023 Results on Nov 01, 2023 Avis Budget Group, Inc. announced that they will report Q3, 2023 results After-Market on Nov 01, 2023 New Risk • Aug 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Earnings are forecast to decline by an average of 52% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (US$3.0m sold). Reported Earnings • Aug 01
Second quarter 2023 earnings released: EPS: US$11.13 (vs US$16.04 in 2Q 2022) Second quarter 2023 results: EPS: US$11.13 (down from US$16.04 in 2Q 2022). Revenue: US$3.12b (down 3.7% from 2Q 2022). Net income: US$435.0m (down 44% from 2Q 2022). Profit margin: 14% (down from 24% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Transportation industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has increased by 108% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 08
Avis Budget Group, Inc. to Report Q2, 2023 Results on Jul 31, 2023 Avis Budget Group, Inc. announced that they will report Q2, 2023 results After-Market on Jul 31, 2023 Recent Insider Transactions • Jun 16
Insider recently sold US$3.0m worth of stock On the 13th of June, Patrick Rankin sold around 15k shares on-market at roughly US$203 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$24m more than they bought in the last 12 months. Reported Earnings • May 03
First quarter 2023 earnings released: EPS: US$7.88 (vs US$9.96 in 1Q 2022) First quarter 2023 results: EPS: US$7.88 (down from US$9.96 in 1Q 2022). Revenue: US$2.56b (up 5.1% from 1Q 2022). Net income: US$312.0m (down 41% from 1Q 2022). Profit margin: 12% (down from 22% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.4% growth forecast for the Transportation industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has increased by 146% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$193, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 15x in the Transportation industry in Europe. Total returns to shareholders of 405% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$384 per share. Recent Insider Transactions • Mar 01
Independent Director recently sold US$201k worth of stock On the 22nd of February, Lynn Krominga sold around 887 shares on-market at roughly US$226 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$9.5m. Insiders have been net sellers, collectively disposing of US$7.0m more than they bought in the last 12 months. Recent Insider Transactions • Feb 19
Insider recently sold US$1.8m worth of stock On the 15th of February, Edward Linnen sold around 7k shares on-market at roughly US$243 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$9.5m. Insiders have been net sellers, collectively disposing of US$6.8m more than they bought in the last 12 months. Reported Earnings • Feb 14
Full year 2022 earnings released: EPS: US$58.44 (vs US$19.80 in FY 2021) Full year 2022 results: EPS: US$58.44 (up from US$19.80 in FY 2021). Revenue: US$12.0b (up 29% from FY 2021). Net income: US$2.76b (up 115% from FY 2021). Profit margin: 23% (up from 14% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 1.4% growth forecast for the Transportation industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 84% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to US$225, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 15x in the Transportation industry in Europe. Total returns to shareholders of 528% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$354 per share. Announcement • Jan 07
Avis Budget Group, Inc. to Report Q4, 2022 Results on Feb 13, 2023 Avis Budget Group, Inc. announced that they will report Q4, 2022 results After-Market on Feb 13, 2023 Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$156, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 13x in the Transportation industry in Europe. Total loss to shareholders of 30% over the past year. Recent Insider Transactions • Dec 17
Non-Independent Executive Chairman recently sold US$9.5m worth of stock On the 14th of December, Bernardo Hees sold around 50k shares on-market at roughly US$190 per share. This transaction amounted to 9.9% 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 the recent sale, Bernardo has been a net buyer over the last 12 months, purchasing a net total of US$5.3m worth of shares. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$193, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 13x in the Transportation industry in Europe. Total loss to shareholders of 26% over the past year. Recent Insider Transactions • Nov 25
President of International recently sold US$2.3m worth of stock On the 22nd of November, Patrick Rankin sold around 10k shares on-market at roughly US$230 per share. This transaction amounted to 19% 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 US$8.2m more than they sold in the last 12 months. Recent Insider Transactions • Nov 05
Insider recently sold US$2.0m worth of stock On the 2nd of November, Edward Linnen sold around 9k shares on-market at roughly US$221 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$35m more than they bought in the last 12 months. Reported Earnings • Nov 02
Third quarter 2022 earnings released: EPS: US$22.09 (vs US$10.60 in 3Q 2021) Third quarter 2022 results: EPS: US$22.09 (up from US$10.60 in 3Q 2021). Revenue: US$3.55b (up 18% from 3Q 2021). Net income: US$1.03b (up 53% from 3Q 2021). Profit margin: 29% (up from 23% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.3% p.a. on average during the next 3 years, while revenues in the Transportation industry in the United Kingdom are expected to grow by 2.1%. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improved over the past week After last week's 16% share price gain to US$211, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Transportation industry in Europe. Total returns to shareholders of 24% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$270 per share. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improved over the past week After last week's 22% share price gain to US$174, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Transportation industry in Europe. Total returns to shareholders of 38% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$265 per share. Recent Insider Transactions • Aug 07
Independent Director recently sold US$264k worth of stock On the 3rd of August, Glenn Lurie sold around 1k shares on-market at roughly US$179 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$37m more than they bought in the last 12 months. Reported Earnings • Aug 02
Second quarter 2022 earnings released: EPS: US$16.04 (vs US$5.69 in 2Q 2021) Second quarter 2022 results: EPS: US$16.04 (up from US$5.69 in 2Q 2021). Revenue: US$3.24b (up 37% from 2Q 2021). Net income: US$778.0m (up 96% from 2Q 2021). Profit margin: 24% (up from 17% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to stay flat compared to a 2.4% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 70% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improved over the past week After last week's 17% share price gain to US$181, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 12x in the Transportation industry in Europe. Total returns to shareholders of 395% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$244 per share. Buying Opportunity • Jul 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 40%. The fair value is estimated to be US$188, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.5% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 9.1% in a year. Earnings is forecast to grow by 0.9% in the next year. Recent Insider Transactions • Jun 16
Non-Independent Executive Chairman recently bought US$5.0m worth of stock On the 10th of June, Bernardo Hees bought around 29k shares on-market at roughly US$169 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Bernardo has been a net seller over the last 12 months, reducing personal holdings by US$24m. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 19% share price gain to US$201, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Transportation industry in Europe. Total returns to shareholders of 122% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$189 per share. Recent Insider Transactions • May 22
Non-Independent Executive Chairman recently bought US$4.9m worth of stock On the 18th of May, Bernardo Hees bought around 26k shares on-market at roughly US$190 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Bernardo has been a net seller over the last 12 months, reducing personal holdings by US$34m. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorated over the past week After last week's 18% share price decline to US$227, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Transportation industry in Europe. Total returns to shareholders of 181% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$197 per share. Reported Earnings • May 03
First quarter 2022 earnings released: EPS: US$9.96 (vs US$2.43 loss in 1Q 2021) First quarter 2022 results: EPS: US$9.96 (up from US$2.43 loss in 1Q 2021). Revenue: US$2.43b (up 77% from 1Q 2021). Net income: US$529.0m (up US$699.0m from 1Q 2021). Profit margin: 22% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 1.4%, compared to a 12% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has increased by 97% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improved over the past week After last week's 18% share price gain to US$315, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Transportation industry in Europe. Total returns to shareholders of 777% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$258 per share. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 22% share price gain to US$222, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Transportation industry in Europe. Total returns to shareholders of 544% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$217 per share. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improved over the past week After last week's 21% share price gain to US$182, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Transportation industry in Europe. Total returns to shareholders of 428% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$191 per share. Reported Earnings • Feb 16
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$19.80 (up from US$9.70 loss in FY 2020). Revenue: US$9.31b (up 72% from FY 2020). Net income: US$1.29b (up US$1.97b from FY 2020). Profit margin: 14% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 2.6%. Over the next year, revenue is forecast to grow 15%, compared to a 10% growth forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 18% share price decline to US$162, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Transportation industry in Europe. Total returns to shareholders of 270% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$168 per share. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$230, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Transportation industry in Europe. Total returns to shareholders of 689% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$190 per share. Recent Insider Transactions • Nov 13
CEO & President recently sold US$5.0m worth of stock On the 11th of November, Joseph Ferraro sold around 19k shares on-market at roughly US$260 per share. This was the largest sale by an insider in the last 3 months. This was Joseph's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment deteriorated over the past week After last week's 21% share price decline to US$278, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Transportation industry in Europe. Total returns to shareholders of 728% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$120 per share. Reported Earnings • Nov 02
Third quarter 2021 earnings released: EPS US$10.60 (vs US$0.65 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$3.00b (up 96% from 3Q 2020). Net income: US$675.0m (up US$630.0m from 3Q 2020). Profit margin: 23% (up from 2.9% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 114% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improved over the past week After last week's 16% share price gain to US$145, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Transportation industry in Europe. Total returns to shareholders of 332% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$95.48 per share. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 27% share price gain to US$120, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Transportation industry in Europe. Total returns to shareholders of 323% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$92.17 per share. 
