Sixt Analysts Opinions

Investments
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1

I=5

  • Berenberg maintained Sixt’s buy rating and a price target of 147 euros.
  • Analyst Yasmin Steile said the planned entry of its competitor Europcar in U.S market is not a threat to Sixt’s expansion there.
  • He added that Europcar’s behavior in Europe is more important and that he will continue to monitor developments at the two companies.
2

I=5

  • Deutsche Bank left Sixt’s rating at “hold” with a price target of 125 euros following Europcar’s expansion into the U.S market.
  • At the moment, Europcar is represented in U.S via the Fox Rent A Car brand.
  • Sixt’s U.S fleet is twice as large as Europcar’s.
3

SI=3%, I=5

  • Baader bank raised Sixt’s price rating from “add” to “buy” but maintained its price target of 140 euros.
  • Analyst Christian Obst said pricing in U.S is still at a good level.
  • He added that unlike its competitors, Sixt has to struggle less with refinancing cost.
  • Obst also expects Sixt to have a good third quarter.
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4

I=4

  • Baader Bank maintained its buy rating on Sixt with a price target of 140 euros.
  • Analyst Christian Obst expects Sixt to meet expectations for third-quarter results.
  • He added that demand remains strong.
  • However, expects fleet growth to be likely impacted by rising interest rates.
5
  • Berenberg analyst Yasmin Steile said she doesn’t see press report about dissatisfied US customers as a sign that Sixt growth strategy in U.S has failed, but will monitor the development closely.
  • She maintained Sixt’s rating at a “buy” with a price target of 147 euros.

https://www.finanzen.net/analyse/sixt_se_st_buy-joh_berenberg_gossler__co_kg_berenberg_bank__918664

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6

SI=-1%, I=5

  • Hold, €122->€104: Stifel analyst expects Sixt’s 2024 EBT margin to decline by 1.4% year-over-year due to a drop in rental income from -5% to -8%.
  • Things that will cause the firm to modify its model include how quickly Sixt adjusts its costs, better rental pricing and consumer confidence recovery.
7

I=4, January 23, 2024

Hold, €125-> €120: Analyst Michael Kuhn of Deutsche Bank said he lowered his estimates for Sixt due to declining price trend for used cars.

https://www.finanzen.net/analyse/sixt_se_st_hold-deutsche_bank_ag_930173

8

I=3
Buy, €155: Analyst Marc-Rene of Warburg Research expects Sixt to achieve its 2023 goals, addding that the solid growth is likely to continue to 2024.

2 Likes
9

I=4
Buy, €111->€117: Analyst Christian Glowa of Hauck Aufhäuser expects demand to normalize this year. He also expects prices to normalize and fall slightly though they will still be above the prepandemic levels.

https://www.finanzen.at/analyse/sixt-se-vz-buy-930694

2 Likes
10

I=5

  • Hold->Buy, €120: Analyst Michael Kuhn of Deutsche Bank thinks Sixt shares are attractive before the firm’s profit gain momentum again later this year.

  • He said their downgrade in July 2023 was due to expectations of negative profit momentum and used car prices headwinds.

    “However, looking at Sixt’s (mid-point) EBT guidance for Q1 and FY24, the implied EBT number for the remainder of the year (Q2 to Q4) implies positive yoy growth. Also, we expect RPD momentum to flatten and then return to growth over the next 12 months,” he said.

  • He addded that Sixt has been able to manage residual value risks better than some of its competitors

  • Kuhn pointed out that escalation in Middle-East conflict could weigh on the shares in the short-term but Sixt is not directly involved in the region.

https://seekingalpha.com/news/4090845-sixt-rallies-after-deutsche-bank-says-earnings-momentum-is-picking-up?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news

11

I=4, June 11, 2024

Buy, €135: Analyst Marc-Rene Tonn of Warburg Research said the new CFO demonstrated confidence with his first meeting with investors but also risk awareness. Tonn is optimistic that Sixt can increase sales and margins.

https://www.t-online.de/finanzen/boerse/boerse-analysen/de0007231326/warburg-research-belaesst-sixt-staemme-auf-buy-ziel-135-euro/20240611547818/

@Magaly what’s your current assessment of rental pricing?

1 Like
12

I=3
Neutral, €85->€75: Analyst Dirk Schlamp’s downgrade comes after Sixt was relegated to SDax from MDax. The DZ Bank analyst expects a further deterioration in Sixt’s earnings in Q2.

2 Likes
13

I=3
Buy, €135: Analyst Marc-Rene Tonn of Warburg Research expects Sixt to report a solid Q2. However, he pointed out that vehicle inventory costs are still at an elevated level.

1 Like
14

I=4, July 29, 2024

Buy, €120->€135: Analyst Constantin Hesse of Jefferies remains positive on Sixt despite a sharp drop in the company’s shares. He highlighted Manheim data that showed residual values of leased vehicles stabilized in June and even improved slightly.

@Magaly what’s your take on July Manheim data?

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15

I=3
Buy, €120->€110: Analyst Constantin Hesse of Jefferies said the sell-off of Sixt’s shares since April was exaggerated. He pointed out that Sixt is uniquely positioned with an enormous growth lever through the US market and is fastly returning to turnaround times for its vehicle fleet.

1 Like
16

I=5
Buy, €140->€90: Analyst Christian Obst of Baader Bank said he adjusted his valuation model mainly due to higher interest rates and almost unchanging sales or operating profit. He said he used a multiplier of 11.5 for 2026 operating profit, which is below the median of 16.5 in the past ten years. He still believe that Sixt can continue to grow sales and achieve a double-digit percentage margin.

17

I=3
Buy, €108->€100: Analyst Michael Kuhn of Deutsche Bank said Sixt’s profits are likely to have bottomed out in Q3. He doesn’t expect any major surprises when the company reports the figures.

18

I=3
Buy, €110->€100: Analyst Constantin Hesse said Sixt is an “oversold structural owner”. He said he is particularly betting on it after recent massive price corrections.

19

I=4
Buy, €100->€110: Jefferies analyst Constantin Hesse said sentiment in key markets continues to trend upwards.

20

I=3
Buy, €110: Jefferies said they now see favorable conditions for mid-sized European companies after four years of below average developments. The analysts added that they see enormous valuation potential for cyclical companies since they don’t expect a “hard landing” for the economy.

1 Like