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Avis Budget Group, Inc.

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Avis Budget posted lower-than-expected top and bottom lines for third-quarter 2015, mainly hurt by the ongoing currency headwinds. Moreover, the company narrowed its revenue, adjusted EBITDA and earnings forecast for 2015 as it expects increased impact from the negative currency movements going forward. However, the company’s expansion strategy has been moving in full swing via alliances, acquisitions and joint ventures. Also, we commend Avis’ focus on expanding its Budget brand, taking its multi-brand strategy to the next level. Moreover, sustained productivity growth, implementation of pricing initiatives and potential revenue-generating synergies from its various acquisitions bode well.

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