I think i would rate this a bit higher at maybe 7 for two reasons
A 600m higher credit line is quite significant for Sixt and its good that they can extend it at favorable conditions (good banking relations and BBB rating)
It might indicate more ambitions to grow and that things are going well. (More revenue growth and larger fleet in 2026)
More financing could in general also hint at problems in some circumstances but I think given Sixt predictable business model, the terms of the financing etc. this can be ruled out for this case.
I=8 Sixt family recently bought shares worth EUR 50 m at EUR 50 per share
Assessment
It’s noteworthy that the family bought preferred shares, signalling expectations of a re-rating.
1m shares represent around 2% of total shares outstanding (46.9m) and around 6% of preferred shares outstanding (16.6m) (page 13).
I=8 Sixt preference shares fall 4.3% after Hertz slightly cut its Q2 2026 EBITDA guidance citing unexpected weakness in used car market
Hertz now expects its Q2 2026 Adjusted Corporate EBITDA margin towards the lower end of the previous guidance of 3%-6% due to unexpected weakness in used car market.
It expects second quarter net DPU per month will be approximately $300 (Q1 2026: $312 or -13% y/y) versus their previous expectations that it will be well below $300 per month.
Hertz said Q2 2026 results for fleet size, revenue, RPD and rental days will be in line or slighly exceed expectations due to healthy demand and better than expected capacity utilization.
It pointed out that year- over- year growth in revenue per day (RPD) is better than that of Q1.
1&1 preference shares fell 4.3% following the announcement.
Assessment
The updated guidance for depreciation is not quite bad and doesn’t change my Q2 2026 estimate for Sixt’s North America depreciation of rental vehicles, which stands at €42 m (-10% y/y) versus -29% y/y in Q1 2026 (Sixt’s Valuation Model (Google Sheets)).
The weakness in U.S. used car prices was only witnessed in April. May showed a rebound.
