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

Alternate Symbol(s): ELEEF

Industrials

Element Fleet Management Corp. is a Canada-based fleet solutions providers. It operates as a pure-play automotive fleet manager. The Company offers a full range of fleet services and solutions to corporations, governments and not for profits across North America, Australia, and New Zealand. Its services address every aspect of clients' fleet requirements, from vehicle acquisition, maintenance... see more

Add To Watchlist

TSX:EFN - Post Discussion

Element Fleet Management Corp > RBC

View:

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.).

173