GRENKE : Buy rating from Berenberg

Grenke AG, formerly Grenkeleasing AG, is a Germany-based leasing company. The Company divides business activities into three business segments: Leasing, Banking and Factoring. The Leasing segment provides financing to commercial leasing, rental, insurance, service, and maintenance offerings, as well as the disposal of used equipment. The Banking segment comprises the activities of Grenke Bank AG, which is a financing partner particularly to small and medium-sized companies, in addition to the provision of financing in the context of business start-ups, as well as fixed-term deposits with main focus on German customers. The Factoring segment contains the activities of Grenkefactoring GmbH, which performs traditional factoring services, focusing on small-ticket factoring in Germany. The Company operates through various subsidiaries, branch offices and franchises across Europe.