Sixt Aktiengesellschaft
Executive Summary
Executive Summary
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, SUVs, 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.
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 companys 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
For more information on the company profile please refer to the below mentioned link:
http://kenresearch.com/comp-report-detail.php?S=10
by: Ken Research
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