6,294
edits
Sixt:Quarterly Results/2023 Q2: Difference between revisions
no edit summary
No edit summary |
No edit summary |
||
| Line 166: | Line 166: | ||
* He thinks that Sixt's profit will come down this year and does not expect major profit growth in the next two years. | * He thinks that Sixt's profit will come down this year and does not expect major profit growth in the next two years. | ||
* "At the same time, important indicators for the car industry, like '''used car prices, show signs of intensifying weakness.''' '''Air fares have also shown signs of weakness''' as of late, and we have become more cautious on '''European airlines'''. Despite our forecast cuts, we still think the '''shares trade at relatively attractive valuation levels''', but without positive earnings momentum and in the context of a worsening trading environment, we think it makes sense to move down to a Hold until the macro uncertainties resolve and until signs of earnings momentum improving again become tangible, " He said. | * "At the same time, important indicators for the car industry, like '''used car prices, show signs of intensifying weakness.''' '''Air fares have also shown signs of weakness''' as of late, and we have become more cautious on '''European airlines'''. Despite our forecast cuts, we still think the '''shares trade at relatively attractive valuation levels''', but without positive earnings momentum and in the context of a worsening trading environment, we think it makes sense to move down to a Hold until the macro uncertainties resolve and until signs of earnings momentum improving again become tangible, " He said. | ||
== Developments during the quarter == | |||
=== Sixt issued EUR 300 million bond === | |||
* On June 12, 2023, Sixt issued a bond with a term of four years and 4 months and carries an interest of 5.125% p.a<ref>https://about.sixt.com/en/newsroom/</ref>. | |||
* The bond was unrated by a German Corporate. | |||
* Sixt will use the proceeds to refinance maturities due in February 2024 and to strengthen its growth course. | |||
* Sixt said there was strong interest in the bond leading to it being oversubscribed. | |||
== References == | == References == | ||