Sixt: Stifel still on hold, cuts TP

(CercleFinance.com) - Stifel maintains its "Hold" rating on Sixt shares, reducing its target price for them from E122 to E104.


The analyst is reducing his rental income per day estimates for next year by 3 points, from -5% to
-8%. Stifel thus anticipates a decline in pre-tax earnings of E68m for 2024 and E52m for 2025.

This change entails a 1.4-point drop in its EBT margin in 2024 from 2023.

The broker believes that the factors that could change its model are as follows: - Sixt's ability to adjust costs quickly; the ability of the car rental market to obtain better prices, the recovery of consumer confidence, amongst other things.


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