||EPS - Basic
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|Travel & Leisure
Real-Time news about Avis Europe (London Stock Exchange): 0 recent articles
|quepassa: Interesting share price movements to-day. looking positive again after the recent retrenchment and pause for breath.
All IMO. DYOR.
|gumarabic: Share price back is broken for the moment, possible retrace to 13p maybe?|
|robandkerry: Nice looking chart. Looks like a recovery of the share price is underway.|
|jab118: kulvinder......... this looks like a smallish company grossly under valued with profit just over half of market cap
the ramped up share price at end of trading of 50% mid week and near on 100% on friday, is that some one is trying to alert investers that it's a bargain BUY
there is a small discustion on (iii web) this weekend regaurding ave, so I feel in time we will get a recovery price soon|
|ccnp: so are you saying its 50% of the 120p launch price, or 50% of the recent dismal lows around 50p which encouraged you to buy into a company with a one way signpost on its share price for the last few years?
Brave investor status for those buying into this crock|
|minho: Prokartace and Ccnp I shall explain.I do not know an awfull lot about Avis,but the hole in accounts in Portugal does not surprise me,I lived out there for a while and found on the buisness side to be lets say difficult,it is plane to that the share price has been hit hard buy that event.I can see Avis has a lot of debt also,but bearing this into account the share price is atractive at the moment,is this not the time of year that Avis make a greater revenue?The pending strike by the rail drivers could give a big boost to Avis as Germany is there biggest market, any thoughts on this?How much real estate do they own?or do they rent most of it?Surely the need to rent will increase as car sales decrease.Shorts must of been closed for a rise like this,and the very large buy orders resently now coming on to stream as delayed buys?MMs have a world of there own.|
|mike24: er forget trades, share price, balance sheet,
and concentrate on winning customers from cicar
offering rates from 95 quid wk now, £65 wk in sept, in canaries|
|handycam: Forget the trades and concentrate on the share price and the balance sheet.|
|gerry321: Some good news from Cendant in their 14 March press release below
Speculative Commentary follows
CENDANT ANNOUNCES DIVISION MANAGEMENT CHANGES AS COMPANY NEARS COMPLETION OF STRATEGIC REALIGNMENT
New York 03-14-2005 -- Cendant Corporation (NYSE:CD) today announced that the Company's previously disclosed strategic realignment and disposition of several non-core business units will result in the streamlining of its division management structure and changes in reporting relationships.
In keeping with the Company's strategic realignment, Cendant will operate within two vertical markets-Travel and Real Estate. The Real Estate Services Division will continue under the leadership of Richard A. Smith, chairman and CEO of that division. The Company's Travel segment will comprise two integrated groups-Travel Content and Travel Distribution. Stephen P. Holmes, chairman and CEO of Cendant's Hospitality Services Division will be responsible for Travel Content, which includes the Hotel Group, Timeshare Resort Group, Vacation Exchange Group, Vacation Rental Group and Cendant Car Rental Group. Samuel L. Katz, chairman and CEO of the Travel Distribution Services Division will oversee Travel Distribution, which includes Agency Services, Consumer Travel, Corporate Travel Solutions and Supplier Services. As a result of the expected disposition of the Company's Marketing Services Division in the third quarter of 2005, the Company will disaggregate its Europe, Middle East and Africa (EMEA) headquarters in London, and the functions provided by this office will be subsumed by Cendant's U.S-based Corporate Group and/or operating units based in the UK.
Accordingly, Kevin M. Sheehan, chairman and chief executive officer, Vehicle Services Division and Scott Forbes, senior executive vice president of Cendant EMEA will be leaving the Company.
Cendant's Chairman and CEO, Henry R. Silverman, stated: "The recent dispositions of our non-core business units, including our tax preparation, mortgage, fleet management and fuel card management units, and the pending sale of Marketing Services, will position Cendant as a pure play travel and real estate company. As part of the realignment, we are compelled to streamline our management reporting structure to be more in line with the long-term operating structure of the Company.
"Kevin Sheehan has been a trusted advisor and strategic partner for more than 20 years and has played an important role in the evolution of Cendant. Kevin took the helm at Avis Group as president in 1999 following its initial public offering, and later served as Cendant's CFO after Avis was brought back into the Cendant fold in 2001. Given the depth of his experience at Avis, Kevin assumed responsibility for the Company's Vehicle Services Division upon the acquisition of Budget in 2003. Under Kevin's stewardship, we have surpassed all expectations for synergy creation through the successful integration of Budget, substantially increased the services portion of our Fleet business, and drove the growth of Wright Express, which culminated in Cendant receiving approximately $1 billion of proceeds in connection with its disposition through a public offering this past month. With the recent spin-off of PHH and sale of the Company's fuel card management business, Kevin and I together concluded that his work at Cendant is substantially complete. I am confident that Kevin's diverse leadership experiences and noteworthy accomplishments at Cendant will enable him to realize his ultimate goal of leading a large public company on his own.
"Scott Forbes has made invaluable contributions to Cendant's achievements during his fifteen years from the inception of HFS through our Company's recent transformation. As one of my earliest senior executives, Scott played an important leadership role in HFS' formative years and the creation of Cendant, culminating in his appointment as Chief Accounting Officer. He later identified the opportunity and agreed to lead Cendant's operations in EMEA at its nascent stage. In this capacity, Scott served as the senior corporate executive outside the United States and was responsible for the transformation of NCP and Green Flag into thriving businesses that ultimately generated more than $1.6 billion of combined proceeds upon disposition. He was also responsible for forming our Vacation Rental Group in 2001, and successfully implemented its acquisition strategy to make it the industry's global leader with more than $1 billion of annual rental value. As a result of Scott's efforts, our operating divisions have reached considerable scale in EMEA and he believes that his work is substantially complete. I am grateful for his dedication to Cendant and for the value he has created for our shareholders.
"Both Kevin and Scott will be sorely missed by all of us at Cendant, and I wish them much success as they pursue opportunities outside of the Company."
As a direct result of its strategic realignment and disposition of non-core businesses, Cendant also announced that it expects to implement changes in the Company's segment reporting structure with respect to its Travel Content group for financial reporting purposes effective with its first quarter 2005 earnings release. Travel Content will contain three segments: Hospitality, Timeshare Resort and Vehicle Rental. The Company expects to re-format its 2005 guidance consistent with its new segment reporting during the next several weeks.
Cendant is primarily a provider of travel and residential real estate services. With approximately 80,000 employees, New York City-based Cendant provides these services to businesses and consumers in over 100 countries.
Henry A. Diamond
These changes suggest that from a strategic management standpoint ,Cendant have decided to integrate their global hospitality and travel businesses
Timeshare Resort Group,
Vacation Exchange Group,
Vacation Rental Group
Excluding Avis Inc the European , Africa , Middle East and Asia organisations for these businesses are 100% owned by Cendant
They already operate worldwide within the context of a global business strategy
recently strengthened by the acquisition of E Bookers
Clearly within the USA these changes ought to bring some synergies from closer organisational links between Avis Inc and the other groups
However it is outside the USA that the real benefits of such a merger would be targeted
Country specific policies, people and physical assets could be exploited more effectively within the merged organisation
So what are the likely international implications for Avis Inc of this reorganisation ?
These changes put Avis Inc into a genuinely worldwide management structure whereas before they were largely confined to the Americas
in the merged Cendant structure
the European , Africa , Middle East and Asia Avis and Budget brands and business organisations are owned by Dieteren thru Avis Europe
the Avis Inc influence is prescribed by the terms of a royalty agreement for the Avis Brand
which is licenced to Avis Europe by Cendant
These terms would not include the sort of close working cooperation envisaged by a merged organisation
To fully realise the Avis vehicle rental benefits in Europe Middle East Africa and Asia , the Cendant Travel Content senior management would have to work much more closely with D`Ieteren and Avis Europe top management than ever before probably by a factor of 100
...so much so that it is unlikely to be an effective relationship
Because apart from participating in some growth in the international vehicle rental business and local sharing of offices etc with the other Cendant groups ,there is every likelihood of Avis Europe management being drawn into endless mtgs in which the main driver is some global benefit for Cendant and next to no benefit for Avis Europe..Friction would be inevitable
The only way in which Cendant can properly exploit the international benefits of merging Avis Inc with the other groups is to acquire at least a majority interest in Avis Europe and exercise line authority over Avis Europe
The departure of Kevin Sheehan suggests no more than that he has lost out in the musical chairs as two divisions are combined into one
On his track record the effusive praise heaped on Kevin is well deserved
although he will no doubt leave with sealed lips and a bag of AVE secrets we would all like to share
anticipation of these Cendant changes by shrewd fund managers at Fidelity and Templeton and perhaps even by informed insiders in D`Ieteren and Avis Europe could well have been the source of the Cendant bid rumours in Jan/Feb
watch the AVe share price over the next few months as the new Cendant organisation takes shape
and watch for holdings announcements|
|gerry321: Cendant bid rumours in city today
but no announcement
If Cendant do bid then they have worked an absolute flanker on Deleteren by gtting their unwitting cooperation to forcing down the Ave share price since Oct 04
Heres the speculative analysis
1 Cendant AVE Nominee Director Kevin Sheehy of AVIS helps persuade Deleteren in Oct 04 to support MD Murray Henessy`s decision to abandon AVE ERP system
This costs £30m of which £20m is on Deleteren books
......No doubt Kevin Sheey was concurrently protesting loudly that Cendant have no interest in acquiring AVE
2 when Cendant announce purchase of Ebookers in Nov04 it becomes obvious to Deleteren that ownership of AVE is a must growth synergy for Cendant
3 The possibility of a bid is discussed subject to Cendant acquiring sufficient ave market shares at the currently low price to fund giving Deleteren and the Cendant nominees a decent return for their shares
4 Deleteren agree to tidy the ave books in line with the US valuation regulations
and put a Finance guy on the AVE board to oversee this
5 This involves write downs which generate cancellation of the final divi thus forcing down the AVE price further
After a few cigars over Xmas and New Year..........
6 Cendant Nominees including old faithful Fidelity go after all the sizeable share parcels ..no doubt by going through the Share Register and not the open market
Here we are on 7 Feb 05
Only 20% of AVE shares remain in the free market ..around 119m
Most of the big parcels are gone
..supply & demand will force up the balance of AVE shares to around the level during Feb ...thre is little prospect of the price falling given the shortage of shares
The bid will probably be announced concurrent with the Deleteren year end results in late Feb 05|
Avis Europe share price data is direct from the London Stock Exchange