Aramis Group SAS: Stabilizing Used Car Market and Operational Improvements Support Buy Rating and 20% UpsideWe think the used car market has now entered a new cycle, with flattish growth in the near-term, before a return to LSD% in FY27-28. Negative news priced in. Aramis shares have materially underperformed over the past 12 months, declining by c. 47%, as a result of weaker market conditions, leadership transitions in the UK and Austria, lower than expected FY25-27 guidances, and a continued focus on margin discipline over scale. We think consensus is now too pessimistic on future growth expectations, and expect Aramis returns to MSD% volume growth once the overall market improves, and the company's leadership transition progresses in FY27. Aramis also benefits from continued self-help actions, targeting its purchasing process through use of AI. We think a strategy pivot approaches.