(CercleFinance.com) – Oddo BHF maintains its ‘outperform’ rating on Sixt shares, with a price target lowered from 130 to 114 euros.
The analyst reports that Sixt’s quarterly results came out in the lower range of the guidance, with a turnover of 780.2 ME, an increase of 12.3% and an EBT of -27.5 ME (vs guidance between – 15 and -28 ME).
‘This underperformance could be explained mainly by increased depreciation due to lower residual values on electric vehicles and used cars on the American market,’ the broker explains in substance.
In this context, Sixt has lowered its guidance for the 2024 financial year, including an EBT of around 350 ME to 450 ME (vs 400 ME to 520 ME previously). For its part, Oddo BHF is targeting a 2024 EBT of 446 ME while the consensus is at 464 ME.
‘The downward revision of the forecasts for the fiscal year is obviously bad news but we believe that the negative impact linked to the residual value will be concentrated in the first half of the year and we are still convinced that the group must be able to compensate for these effects negative over the coming quarters’, concludes the analyst.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyzes distributed by Cercle Finance only constitute a decision-making aid for investors. Cercle Finance cannot be held responsible directly or indirectly following the use of information and analyzes by readers. It is recommended that any uninformed person consult a professional advisor before making any investment. This indicative information does not in any way constitute an inducement to sell or a solicitation to buy.