Company Profile: Sixt

  • ID: 2520237
  • Company Profile
  • 53 Pages
  • Ken Research Private Limited
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FEATURED COMPANIES

  • Avis Budget Group Inc
  • Hertz Global Holding Inc
  • Sixt Aktiengesellschaft
  • MORE
The report titled “Sixt Aktiengesellschaft” provides a comprehensive analysis of company on the basis of the business segments: vehicle rental, leasing and premium car sharing. The company analysis is provided on the basis of company overview, the recent acquisitions and mergers, the ownership structure, the operational subsidiaries, the revenue generated from the rental and leasing services and company valuation. The report also provides competitive analysis of the company with other companies (Avis Budget Group Inc., Hertz Global Holding Inc. and Dollar Thrifty Car Rental Inc.) which are operating in the same space with their respective valuations and trading multiples.

KEY FINDINGS

- The company has the largest fleet of BMW and Mercedes in the world, 4,000 offices in 105 countries and a fleet of 200,000 vehicles globally
- Sixt was valued at EURO ~ million as of 15th November 2012 with trailing Enterprise Value/ EBITDA ratio of 7.7x.
- Using the DCF methodology for valuing Sixt Group and assuming a revenue CAGR of 1.4% in 2011-16E and a terminal growth of 1.0%, the report has concluded the target price of ~.
- The company is highly diversified in terms of its organizational structure with 21 operating subsidiaries for rental business and 7 subsidiaries for leasing business. The company has been valued at EUR ~ million
- The revenue of Sixt is expected to increase at a CAGR of 0.3% from 2012-2016 unlike the last five years in which the revenue declined by 0.1%.
The reason for such high and optimistic forecast is the shift in the company's focus from the domestic market to the US and other BRIC nations
- The LTM Enterprise Value/Revenue multiple was 1.2x which was lower than the mean multiple of major competitors in the industry
- The company is operating in 10 locations in the US with revenues of EUR ~ million in 2011
- Sixt has the highest market share in the Germany market and is positioned at fifth place in the overall car rental market of Europe
- The company is 7th largest in Europe car leasing market

Products Mentioned:

vehicle rental, leasing and premium car sharing, company valuation
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FEATURED COMPANIES

  • Avis Budget Group Inc
  • Hertz Global Holding Inc
  • Sixt Aktiengesellschaft
  • MORE
1. Executive Summary

2. Business Overview
2.1. Corporate Timeline
2.2. Key Developments
2.3. Major Investments in the Company Evolution
2.4. Organizational Structure
2.5. Operating Subsidiaries and their Performance

3. Product Profile
3.1. Sixt Rent A Car Product Line
3.2. Sixt Rent A Car Service Model
3.3. DriveNow: A Joint Venture Model for Premium Car-Sharing
3.4. Further Augmented Services and Products of Rental Business
3.5. Sixt Rent A Car Business Model
3.6. Sixt Lease a Car Product and Services: Strongly Integrated with the Company's Car Rental Business
3.7. Sixt Lease a Car Business Model: Ranked 7th in German Car Leasing Market

4. Financial and Operational Performance
4.1. Valuation Analysis and Financial Summary
4.2. Geographical Reach and Penetration
4.3. E-Commerce Becoming the Next Big Distribution Channel
4.4. Fleet Analysis and Operating Locations
4.5. Evolving Employee Strength in Rental and Internet Business
4.6. Annotated Share Price Performance
4.7. DCF Valuation and Upside Potential
4.8. Analyst Recommendations

5. SWOT Analysis
5.1. Compelling Opportunities Thriving the Company Growth

6. Operational Overview
6.1. Supervisory Board Profile
6.2. Management Profile

7. Car Rental Market in the US
7.1. Growth Opportunity in the US Car Rental Market
7.2. Step-by-step State Expansion Strategy
7.3. Market Share of Major Players in US Car Rental Market

8. Car Rental Market in Germany and Europe
8.1. Consolidated Company Performance in Europe
8.2. Sustaining the Leadership Position in German Market

9. Competitive Analysis
9.1. Competitive Analysis By Service Offered/Revenue/Business Strategy
9.2. By Financial Performance (Topline/ Enterprise Value/ Multiples)
9.3. A Relative Valuation Analysis of the Car Rental Sector

10. Management/ Future Outlook
10.1. Expansion Fueled by International Expansion and service Innovations
10.2. Resilient Growth Expected in Company Financial in Next 5 Years

11. Disclaimer

LIST OF FIGURES

Figure 1: Sixt Corporate Time Line, from 1912-2012
Figure 2: Sixt Organizational Structure
Figure 3: Sixt Rent-A-Car Business Model
Figure 4: Sixt Lease-A-Car Business Model
Figure 5: Share of Online Booking Out of Total Reservations in Percentage, 2006-2011
Figure 6: Number of Operating Locations in Units, 2006-2011
Figure 7: Number of Group and Franchise Rental Vehicles and Leasing Vehicles Added in Units, 2006-2011
Figure 8: Sixt Average Number of Employees per Business Segments, 2007-2011
Figure 9: Sixt Annotated Share Price Performance in the Last Twelve Months on the Basis of Share Price and Volume Traded
Figure 10: Sixt Step-by-Step State Expansion Strategy in the US (Florida, Georgia and Arizona), 2011
Figure 11: Sixt Market Share of Major Players in Europe in Percentage, 2011
Figure 12: Sixt Europe Market Size on the Basis of Revenue, in EUR Million, 2006-2011
Figure 13: Sixt Market Share of Major Players in Germany in Percentage, 2011
Figure 14: Sixt Germany Market Size on the Basis of Revenue in EUR Million, 2006-2011

LIST OF TABLES

Table 1: Sixt Financial Overview on the Basis of Revenue and Net Profit Margin in EUR Million and Percentage, 2007- Last Twelve Months Ending September 2012
Table 2: Major Developments in the Company in the last 6 months
Table 3: Major Investments in the Company Evolution on the Basis of Deal Stake, Deal Value and Implied Enterprise Value in EUR Million and Percentage
Table 4: Major Operating Subsidiaries of Sixt and their Performance on the Basis of Stake and Revenue in EUR Million and Percentage
Table 5: Sixt Rental Business Segmentation by Type of Customers in Percentage, 2007-2011
Table 6: Sixt Total Number of Lease Contracts on the Basis of Group and Franchise in Units, from 2008-2011
Table 7: Sixt Financial Overview on the Basis of Revenue, EBITDA Margin and Net Profit Margin in EUR Million and Percentage, 2008- Last Twelve Months Ending September 2012
Table 8: Sixt Company Valuation on the Basis of Market Capitalization, Net Debt and Enterprise Value in EUR Million, as on 15th November 2012
Table 9: Sixt Company Multiples on the Basis of Revenue Multiple, EBITDA Multiple and PAT Multiple, 2008-Last Twelve Months ending September 2012
Table 10: Sixt Rental and Leasing Business Revenue Segmentation on the Basis of Geographical Reach in EUR Million, 2007-2011
Table 11: Sixt Number of Vehicles Added on the Basis of Volume and the Value in EUR Billion and Units, from 2007-2011
Table 12: Sixt Vocational Trainee Employed in Germany in Units, from 2008-2011
Table 13: DCF Valuation Analysis of Sixt for Target Price and Upside Stock Potential
Table 14: Sensitivity Analysis of Company's Valuation with Range of WACC and Terminal Growth Rate in EUR Million
Table 15: The US Car Rental Market on the Basis of Revenue in in EUR and USD Million and Number of Fleets in Units Thousand, 2006-2011
Table 16: Major Players in the US Car Rental Market on the Basis of Operating Locations, Revenue in USD Million and EUR Million and Number Fleets in Units, 2011
Table 17: Market Share of Major Players in the US Car Rental Market on the Basis of Operating Locations, Fleet Size and Revenue in Percentage, 2011
Table 18: Competitive Landscape of Major Players in Car Rental Industry by Services Offered, Revenue and Business Strategy
Table 19: Company Comparables Analysis of Major Players in Car Rental Industry on the Basis of Market capitalization, Enterprise Value and Company Multiples in EUR Million
Table 20: Financial Comparison of Avis Budget, Hertz, Sixt and Dollar Thrifty on the Basis of Revenue in EUR Million, 2008-LTM ending September 2012
Table 21: Precedent Transaction Analysis in Car Rental Industry on the Basis of Deal Stake, Deal Value, Implied Enterprise Value and Deal Multiple in EUR Million and Percentage
Table 22: Sixt Future Projections on the Basis of Revenue and EBITDA in EUR Million, 2012-2016
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FEATURED COMPANIES

  • Avis Budget Group Inc
  • Hertz Global Holding Inc
  • Sixt Aktiengesellschaft
  • MORE
The report titled “Sixt Aktiengesellschaft” provides a comprehensive analysis of company on the basis of the business segments: vehicle rental, leasing and premium car sharing. The company analysis is provided on the basis of company overview, the recent acquisitions and mergers, the ownership structure, the operational subsidiaries, the revenue generated from the rental and leasing services and company valuation. The report also provides competitive analysis of the company with other companies (Avis Budget Group Inc., Hertz Global Holding Inc. and Dollar Thrifty Car Rental Inc.) which are operating in the same space with their respective valuations and trading multiples. The report provides a precedent transaction analysis of the car rental industry and showcases the discounted cash-flow valuation of the company stock price. The report also contains sections on the US, German and European car rental market and the market share that the company has in these market. The report also provides future projections for the revenue, EBITDA and the net profit after tax. The report provides the reader with a forecasted view of the company based on the future expected movements of some of the exogenous factors affecting the company.

The company is a mobility service provider dealing in rent and lease of cars, trucks, SUV's, estate cars, convertibles, off-roaders, smaller city cars and sports cars. The company was founded in 1912 in Munich by Martin Sixt with a fleet of two Mercedes and one Luxus-Deutz-Landaulet. The company specializes in providing high quality car rent and leasing services with specially trained chauffeurs. The company is known to have rent top class cars at very competitive prices. The company rents from normal small city cars to highly luxurious car brands like Limousine, Ferrari and others.
The report focuses on some of the recent major key developments of the company with a focus towards new products and services offered by the company and major acquisitions with their deal value, deal stake and transaction rationale.

The report provides an in-depth view of the vehicle rental and leasing business of the company and the services offered by them. The report also incorporates the business model on which the two segments operates.

The total revenue generated by the company had increased by 1.7% to EUR 1,563.7 million in 2011 as compared to EUR 1,538.2 million in 2010. The company has presence in 11 corporate countries and 90 franchise countries.

The report focuses on the percentage of online reservations in the total reservations for car rental and how the company is operating on E commerce platform. Analyzes of growth in the number of locations the company operates with respect to international, national and franchise and the number of fleet that the company is adding each year has also been presented. In addition the number of employees per business segment has also been analyzed.

The company report also includes a future forecast of the company financials and the future strategies that are expected to further amplify the growth of the company. The report also contain comprehensive sections on how the company is performing in the US and the competition faced by the company in the country.
Note: Product cover images may vary from those shown
5 of 6
- Avis Budget Group Inc
- Dollar Thrifty Car Rental Inc
- Hertz Global Holding Inc
- Sixt Aktiengesellschaft
Note: Product cover images may vary from those shown
6 of 6
Note: Product cover images may vary from those shown
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