SIXT Research & Development India’s Post

SIXT achieves record revenue in the second quarter: over EUR 1 billion and strong operating performance lead to significant positive earnings Driven by high demand and further investments in a premium customer experience, SIXT has continued its significant revenue growth. The international mobility provider generated a record revenue for a second quarter of EUR 1.01 billion. This corresponds to an increase of 8.9% compared to the same quarter last year. With an increase in revenue of more than 25%, North America made the strongest contribution to growth of all segments. In the US alone, SIXT has opened 15 new branches since the beginning of the year (to date), expanding its airport presence in the world’s largest car rental market to 49 airports. As a result, SIXT has already nearly reached its target of 50 US airports set for year-end. Aligned with revenue trajectory, SIXT was also able to achieve a record second quarter in terms of earnings before interest, taxes, depreciation and amortisation (EBITDA), with an even higher increase of 13% compared to the same quarter of the previous year. By consistently focusing on and investing in its yield and pricing systems, SIXT was able to significantly improve the utilisation of its fleet. Rental price levels, which had come under pressure in some regions at the beginning of the year, were more and more brought back to last year’s levels by the end of the second quarter. Thanks to this operational strength and the measures taken, SIXT’s earnings before taxes (EBT) returned clearly to the profit zone at EUR 62.9 million after a loss in the first quarter. Q2 EBT was within the communicated range of EUR 60 to 90 million. Normalised for the results from vehicle remarketing and increased depreciation on residual vehicle values (negative special effect from this in Q2 2024 totalling more than EUR 40 million), it was therefore almost on a par with the same quarter of the previous year (in Q2 2023, EBT amounted to EUR 131.9 million, which still included positive residual value effects of around EUR 15 million). Financing the fleet in a persistently high interest rate environment also had a negative impact on EBT in the second quarter of 2024 compared to the same quarter of the previous year, with the financial result weakening by EUR 13.8 million. #Sixt #SixtBahrain

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In Q2 2024, Sixt reported record revenue of €1.01 billion, an 8.9% increase from the previous year. North America was the largest growth driver, contributing over 25%, with Sixt expanding its U.S. presence to 49 airports by opening 15 new branches. EBITDA also rose by 13% year-over-year. Earnings before taxes (EBT) recovered to €62.9 million, following a loss in Q1. The quarter's EBT was affected by more than €40 million in vehicle depreciation and a €13.8 million drop in the financial result due to high interest rates. Below, we offer a look into the company's financial performance in charts. For more company-specific details, check out the link in the comment section. #StockMarket #Valueinvesting #Sixt #SIX2 #SIX2DE

https://lnkd.in/gVa_K68Q #Hertz #HTZ #Avis #CAR #Car Rental -Furthermore, significant store closures are anticipated, with 125 locations already shut down in Q1 among Hertz’s over 11,000 global operations, many of which are underperforming. 3. Car rental market hasn't collapsed, merely shifted to a buyer's market: Avis's adjusted EBITDA in Q1 was $12 million, a sharp decline from $535 million in Q1 2023. Haize Capital identifies two main factors: First, pricing decreased by 6% compared to the same period last year, with the decline easing to 4% by March and showing signs of improvement in Q2. Transaction days in the Americas reached a historical high. Second, uncertain of the extent to which Hertz would offload used vehicles, Avis preemptively sold over 50% of its anticipated annual sales volume in Q1. This led to an influx of used cars in the market, especially in the U.S., driving down prices and resulting in a $40 million loss for Avis this quarter from vehicle sales, compared to a $250 million profit last year. Overall, the market has not collapsed but has shifted from a seller's to a buyer's market. 4. Avis must rely on itself for future growth: Can Avis once again climb higher on the back of Hertz's challenges? The likelihood seems low. Hertz's substantial Q1 losses stemmed from managerial transitions, leading to significant one-time expenses. However, Hertz can still meet its financial needs through post-bankruptcy revolving credit, potentially speeding up its recovery. Haize Capital believes that Avis must focus on solidifying its international presence and capitalize on growing tourism in Asia. Although Avis's international rental days in Q1 grew by 4% compared to the same period in 2023, they are still 17% lower than in 2019, indicating significant room for growth.

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https://lnkd.in/gVa_K68Q #Hertz #HTZ #Avis #CAR #Car Rental The recent years for U.S. stock exchange-listed car rental companies like Hertz (NASDAQ: HTZ) and Avis (NASDAQ: CAR) could be described as "life is but a dream." After the pandemic struck, Hertz filed for bankruptcy, while Avis, benefiting from social distancing policies, saw its market value peak at 85 times its low during the pandemic, exceeding $20 billion. Recently, as Hertz made strategic errors post-recovery and Avis returned to pre-pandemic profit levels, investors are watching their Q1 2024 financial reports closely. Will the international car rental market collapse again? Will Hertz's revival end in failure? Can Avis reach new heights by capitalizing on Hertz's mistakes? Haize Capital aims to provide insights through the analysis of these companies' Q1 financial reports. 1. Electric vehicles were not the main reason for Hertz's failure: After emerging from bankruptcy in November 2021 with a First Lien Revolving Credit, Hertz, under the leadership of CEO Stephen Scherr from February 2022, focused on renting electric vehicles, primarily Teslas. The business model of car rental companies relies on maximizing rental income during the lifespan of a vehicle before resale. While Tesla's depreciation did impact Hertz's future residual values, Haize Capital believes it was not devastating. Scherr announced plans to buy 100,000 Teslas and even 175,000 GM electric vehicles, but in reality, purchases were predominantly Teslas and did not exceed 50,000 units, less than 10% of the total fleet of 530,000 vehicles. The real issue during Scherr's two-year tenure was the lack of operational improvement. For example, Hertz's rental price increases since Q1 2024 compared to the same period in 2019 were significantly higher than Avis's, yet its operational results were inferior. Haize Capital suggests that Scherr's resignation was not primarily due to the electric vehicle purchases but rather the lack of other significant strategies beyond this initiative. 2. Management system exacerbates losses: This quarter, Hertz reported a pre-tax loss of $580 million against available liquid assets of $1.3 billion, including $470 million in unrestricted cash and available credit from a First Lien Revolving Credit. However, this is not seen as the norm but rather a strategic move by CEO Gil West to mitigate potential risks at the outset of his tenure. For instance, while initially planning to dispose of 20,000 electric vehicles throughout the year, 10,000 were sold off in Q1 alone. Additionally, vehicles with higher mileage were reduced by 75% prematurely, and debt financing actions increased the interest expenses by $106 million this quarter. As West explained during the earnings call, two-thirds of the EBITDA improvement he expects to bring will be from cost-driven factors and one-third from revenue-driven initiatives, implying that these cost measures include early recognition of losses.-

📰 March is traditionally the month of annual press conferences - and so it is for us. Our results for 2023: As Volkswagen Financial Services, we can be satisfied with the past financial year. As expected, our operating profit normalized to EUR 3.25 billion due to the absence of special effects and in a challenging interest rate environment. New business also normalized. Consequently, our new contracts amounted to around 8.7 million, up around 11.4% in comparison to previous year. This is a good basis for 2024.  👍  However, I am particularly pleased that we are back on a growth path and initiated many important projects to ensure profitable growth in the coming years. 🚗⚡️ Mobility platform: We have strengthened our collaboration with Europcar and transferred the majority shares of our own car rental business (Euromobil) to Europcar in order to leverage synergies in the German rental market. We also launched a joint car subscription in France and long-term rental offers in Spain, Portugal and Italy. 🔄 🚘 Vehicle Lifetime Model: Together with the Group brands, we have laid the foundations for our Vehicle Lifetime Model. This means that we will now keep vehicles on our own books for longer and expand used car leasing in particular. 👏 Volkswagen Bank: Our sister company, Volkswagen Bank, performed exceptionally well in 2023. Direct bank deposits increased by around 47 percent to EUR 37 billion - an increasingly important part of our refinancing. 🏢 Restructuring: With our European restructuring which will be completed in the middle of this year, we are creating a strongly positioned European financial services provider that will secure growth for the coming years. 🚲 Bike leasing: One of my personal highlights was our new joint venture with Pon Holdings from the Netherlands to further expand the bike leasing business in Europe and the USA. The aim is to become Europe's largest manufacturer-owned bicycle financier. The first few months have already clearly exceeded our expectations. 📈 Used car marketing: Our international used car business is growing and growing. In 2023, we sold around 377,000 vehicles via the platform in Europe. This is an increase of around 37% compared to 2022. 👉 One thing is certain: We have a clear plan and will continue to be a central pillar in the Volkswagen Group's strategy for the future. To this end, we will continue to work intensively on our focus topics in 2024, while also keeping an eye on our cost structure. For the coming year, we expect earnings to be slightly up on the previous year. #vwfs #thekeytomobility