ECX – Citi rates as Buy

Yesterday’s interim report was not well received in the market, but Citi analysts stay the course, arguing Eclipx management is "creating a sophisticated diversified financial services company with considerable optionality in its channels of distribution, funding and growth strategy". Buy call retained.

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Total Vehicle Management The Goal For EclipX

EclipX ((ECX)) has convinced brokers of its ability to grow its corporate fleet, equipment leasing and platforms such as Right2Drive and Grays eCommerce. The fleet business gained market share in the Australian commercial segment in FY17 and, having recently acquired Grays, the company has conducted a cost rationalisation program, quickly disposing of loss-making consumer categories. Wine logistics has been outsourced and the corporate entity integrated into EclipX.

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