Section1: Company Overview

Element Fleet Management Corp. (TSX: EFN) is a global fleet management company, and ECN Capital, a commercial finance company. Element Fleet Management provides management services and financing for commercial vehicle and equipment fleets. The company's suite of fleet management services deals with acquisition and financing, to program management and remarketing. ECN Capital operates across North America in three verticals of the equipment finance market: commercial and vendor finance, rail finance, and commercial aviation finance. 

 This Report covers the Investment Highlights, Valuation, Target Price, and Recommendation on the stock.

1.1 Investment Highlights

Section 2:  Stock Recommendation Summary

2.1 Valuation Methodology

Valuation Methodology (Illustrative): Price to Book Value based Relative Valuation

3.2 Price Performance and Stock Recommendation

The stock has witnessed an upside of ~8.10% and ~11.96% over the last 1 month and 3 months respectively. Moreover, the stock is trading above the average 52-week high price of CAD 31.93 and 52-week low price of CAD 22.19, providing an opportunity to exit, as the prices are trading near the resistance levels and could make some correction.

3.3 One-Year Technical Price Chart

One-Year Technical Price Chart (as of May 9, 2025). Source: REFINITIV, Analysis: Kalkine Group

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on May 9, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.