Bullboard - Stock Discussion Forum Element Fleet Management Corp T.EFN.PR.E

Primary Symbol: T.EFN Alternate Symbol(s): T.EFN.PR.C | ELEEF

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Element Fleet Management Corp. is a Canada-based global automotive fleet manager. The Company provides business-to-business services and financing to corporations, governments and not-for-profits. It operates in various countries, including the United States, Canada, Mexico, Australia and New Zealand. It provides services and financing for commercial vehicle and equipment fleets, reaching... see more

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TSX:EFN - Post Discussion

Element Fleet Management Corp > RBC

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Post by retiredcf on Mar 27, 2023 9:38am

RBC

March 24, 2023

Element Fleet Management Corp.
I'll have a Whopper with a side of fries: Burger King transitioning to EVs

TSX: EFN | CAD 17.73 | Outperform | Price Target CAD 27.00

Sentiment: Neutral
Summary: Burger King announced it partnered with Element Fleet to transition 31% of its North American field team fleet to

electric vehicles (EVs) across 16 states and intends to reach 100% EVs by 2030.

Our take: We view today's announcement as incrementally positive for EFN reflecting both further progress in helping its clients transition to EVs (from an ESG perspective) and also from a profitability perspective as EFN has previously indicated that it believes transitioning client vehicles from ICE/gas vehicles to EVs is net positive to its earnings.

We also wonder if there could be further upside not just presumably partnering with Burger King on achieving 100% EV conversion of its North American field team fleet, but also partnering with Burger King parent, Restaurant Brands International's other brands (e.g., Tim Hortons, Popeye's, etc.).

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