Q2 Preview: Resilient Travel Demand Supporting Q2

研报英文原文证据摘录

Q2 Preview: Resilient Travel Demand Supporting Q2

Germany | European Midcaps

Sixt EquityJulyResearch9, 2026

ESTIMATE CHANGEQ2 Preview: Resilient Travel Demand

RATING BUYSupporting Q2

PRICE €66.90^

We expect a solid Q2 for Sixt, driven by continued growth in travel demand

in Europe, and stable, but still positive demand in the US. With mgmt having PRICE TARGET | % TO PT €110.00 | +64%

adopted a rather conservative tone at the capital markets update a couple 52W HIGH-LOW €98.70 - €57.70

of weeks ago due to the ongoing macro volatility, we believe the print could FLOAT (%) | ADV MM (USD) 27.0% | 3.06

positively surprise, especially given the more cautious stance on consumer MARKET CAP €3.1B | $3.6B

discretionary spend. On 9.3x 12m fwd PE, we see this as an attractive entry TICKER SIX2 GR ^Prior trading day's closing price unless otherwise

point. noted.

Despite a good start to the year, the share price performance has been muted, with the most recent FY (Dec) CHANGE TO JEFe JEF vs CONS

correction in part driven by concerns that travel in Sixt's key markets, particularly the US, might end 2026 2027 2026 2027

up being weaker due to the volatile macro environment. Plus, management's conservative tone due REV +1% <1% +1% +4%

to the abnormal lack of visibility, as booking patterns have been shifting closer to departure dates, EPS +2% <1% +1% NM

has not struck much excitement among investors. On a side note, we like the more conservative

tone, as the company aims to rebuild its once stellar track record of "under promise and over-

2026 (€) Q1 Q2 Q3 Q4 FY

deliver". Truth is, travel demand seems solid across income groups, with more affluent consumers,

EPS -- -- -- -- 6.96

though, outpacing lower-income groups. As recently reported by travel operators and airlines,

PREV 6.81