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Sixt Aktiengesellschaft

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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 report titled “Sixt Aktiengesellschaft” provides a comprehensive analysis of company on the basis of the business segments: vehicle rental, leasing and premium car sharing.

For more information on the company report please refer to the below mentioned link:
http://kenresearch.com/comp-report-detail.php?S=10

Published in: Travel

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  • 1. Sixt © This is a licensed product of Ken Research and should not be copied
  • 2. TABLE OF CONTENTS1. Executive Summary2. 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 Performance3. 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 Market4. 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 Recommendations5. SWOT Analysis © This is a licensed product of Ken Research and should not be copied
  • 3. 5.1. Compelling Opportunities Thriving the Company Growth6. Operational Overview 6.1. Supervisory Board Profile 6.2. Management Profile7. 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 Market8. Car Rental Market in Germany and Europe 8.1. Consolidated Company Performance in Europe 8.2. Sustaining the Leadership Position in German Market9. 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 Sector10. Management/ Future Outlook 10.1. Expansion Fueled by International Expansion and service Innovations 10.2. Resilient Growth Expected in Company Financial in Next 5 Years11. Disclaimer © This is a licensed product of Ken Research and should not be copied
  • 4. LIST OF FIGURESFigure 1: Sixt Corporate Time Line, from 1912-2012Figure 2: Sixt Organizational StructureFigure 3: Sixt Rent-A-Car Business ModelFigure 4: Sixt Lease-A-Car Business ModelFigure 5: Share of Online Booking Out of Total Reservations in Percentage, 2006-2011Figure 6: Number of Operating Locations in Units, 2006-2011Figure 7: Number of Group and Franchise Rental Vehicles and Leasing Vehicles Added in Units,2006-2011Figure 8: Sixt Average Number of Employees per Business Segments, 2007-2011Figure 9: Sixt Annotated Share Price Performance in the Last Twelve Months on the Basis ofShare Price and Volume TradedFigure 10: Sixt Step-by-Step State Expansion Strategy in the US (Florida, Georgia and Arizona),2011Figure 11: Sixt Market Share of Major Players in Europe in Percentage, 2011Figure 12: Sixt Europe Market Size on the Basis of Revenue, in EUR Million, 2006-2011Figure 13: Sixt Market Share of Major Players in Germany in Percentage, 2011Figure 14: Sixt Germany Market Size on the Basis of Revenue in EUR Million, 2006-2011 © This is a licensed product of Ken Research and should not be copied
  • 5. LIST OF TABLESTable 1: Sixt Financial Overview on the Basis of Revenue and Net Profit Margin in EUR Millionand Percentage, 2007- Last Twelve Months Ending September 2012Table 2: Major Developments in the Company in the last 6 monthsTable 3: Major Investments in the Company Evolution on the Basis of Deal Stake, Deal Valueand Implied Enterprise Value in EUR Million and PercentageTable 4: Major Operating Subsidiaries of Sixt and their Performance on the Basis of Stake andRevenue in EUR Million and PercentageTable 5: Sixt Rental Business Segmentation by Type of Customers in Percentage, 2007-2011Table 6: Sixt Total Number of Lease Contracts on the Basis of Group and Franchise in Units,from 2008-2011Table 7: Sixt Financial Overview on the Basis of Revenue, EBITDA Margin and Net ProfitMargin in EUR Million and Percentage, 2008- Last Twelve Months Ending September 2012Table 8: Sixt Company Valuation on the Basis of Market Capitalization, Net Debt and EnterpriseValue in EUR Million, as on 15th November 2012Table 9: Sixt Company Multiples on the Basis of Revenue Multiple, EBITDA Multiple and PATMultiple, 2008-Last Twelve Months ending September 2012Table 10: Sixt Rental and Leasing Business Revenue Segmentation on the Basis of GeographicalReach in EUR Million, 2007-2011Table 11: Sixt Number of Vehicles Added on the Basis of Volume and the Value in EUR Billionand Units, from 2007-2011Table 12: Sixt Vocational Trainee Employed in Germany in Units, from 2008-2011Table 13: DCF Valuation Analysis of Sixt for Target Price and Upside Stock PotentialTable 14: Sensitivity Analysis of Company’s Valuation with Range of WACC and TerminalGrowth Rate in EUR MillionTable 15: The US Car Rental Market on the Basis of Revenue in in EUR and USD Million andNumber of Fleets in Units Thousand, 2006-2011Table 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, 2011Table 17: Market Share of Major Players in the US Car Rental Market on the Basis of OperatingLocations, Fleet Size and Revenue in Percentage, 2011 © This is a licensed product of Ken Research and should not be copied
  • 6. Table 18: Competitive Landscape of Major Players in Car Rental Industry by Services Offered,Revenue and Business StrategyTable 19: Company Comparables Analysis of Major Players in Car Rental Industry on the Basisof Market capitalization, Enterprise Value and Company Multiples in EUR MillionTable 20: Financial Comparison of Avis Budget, Hertz, Sixt and Dollar Thrifty on the Basis ofRevenue in EUR Million, 2008-LTM ending September 2012Table 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 PercentageTable 22: Sixt Future Projections on the Basis of Revenue and EBITDA in EUR Million, 2012-2016 © This is a licensed product of Ken Research and should not be copied
  • 7. EXECUTIVE SUMMARYThe report titled “Sixt Aktiengesellschaft” provides a comprehensive analysis of company onthe basis of the business segments: vehicle rental, leasing and premium car sharing. Thecompany analysis is provided on the basis of company overview, the recent acquisitions andmergers, the ownership structure, the operational subsidiaries, the revenue generated from therental and leasing services and company valuation. The report also provides competitive analysisof the company with other companies (Avis Budget Group Inc., Hertz Global Holding Inc. andDollar Thrifty Car Rental Inc.) which are operating in the same space with their respectivevaluations and trading multiples. The report provides a precedent transaction analysis of the carrental 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 themarket share that the company has in these market. The report also provides future projectionsfor the revenue, EBITDA and the net profit after tax. The report provides the reader with aforecasted view of the company based on the future expected movements of some of theexogenous 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 wasfounded 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 withspecially trained chauffeurs. The company is known to have rent top class cars at verycompetitive prices. The company rents from normal small city cars to highly luxurious carbrands like Limousine, Ferrari and others.The report focuses on some of the recent major key developments of the company with a focustowards new products and services offered by the company and major acquisitions with theirdeal value, deal stake and transaction rationale.The report provides an in-depth view of the vehicle rental and leasing business of the companyand the services offered by them. The report also incorporates the business model on which thetwo segments operates.The total revenue generated by the company had increased by 1.7% to EUR 1,563.7 million in2011 as compared to EUR 1,538.2 million in 2010. The company has presence in 11 corporatecountries and 90 franchise countries.The report focuses on the percentage of online reservations in the total reservations for car rentaland how the company is operating on E commerce platform. Analyzes of growth in the numberof locations the company operates with respect to international, national and franchise and thenumber of fleet that the company is adding each year has also been presented. In addition thenumber of employees per business segment has also been analyzed. © This is a licensed product of Ken Research and should not be copied
  • 8. The company report also includes a future forecast of the company financials and the futurestrategies that are expected to further amplify the growth of the company. The report also containcomprehensive sections on how the company is performing in the US and the competition facedby the company in the country.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 marketFor more information on the company profile please refer to the below mentioned link:http://kenresearch.com/comp-report-detail.php?S=10 © This is a licensed product of Ken Research and should not be copied