Sixt: Oddo BHF cuts TP

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Sixt shares, with a target price reduced from E130 to E114.


The analyst reports that Sixt's quarterly results came in at the lower end of guidance, with sales of E780.2m, up 12.3%, and EBT of -E27.5m (vs. guidance of between -E15m and -E28m).

This underperformance could be largely because of increased depreciation due to lower residual values on electric vehicles and used cars on the US market, the broker says in short.

Against this backdrop, Sixt has lowered its guidance for the 2024 financial year, with EBT of E350m to E450m (vs. E400m to E520m previously). Meanwhile, Oddo BHF expects 2024 EBT of E446m, below the consensus of E464m.

The downward revision of FY forecasts is obviously bad news, although analysts believe that the negative impact of the residual value will be concentrated in H1, and they remain convinced that the Group should be able to offset these negative effects over the coming quarters, it concludes.


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