4 models fit Sixt SE and they disagree: 0 of 4 land within 15% of the average.
Two or more of our models back this value.
Large discount(i)Silver65
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionSixt SE (SIX2.DE)
Fair value (4 models)
€106
ACCE price target
€81.00
Rating
Undervalued
Horizon
12 months
Fair value published on 23 Oct 2026, 11:04 CEST.
ACCE price target published on 23 Oct 2026, 01:53 CEST.
Rating published on 23 Oct 2026, 11:04 CEST.
Price used: €71.80 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
32.2% below
+47.4% to fair value
ACCE score
59
out of 100
P/E
29.9x
forward 9.3x
1-year return
-5.1%
Dividend yield
4.40%
Sixt SE in four questions
Plain answers, details below
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Overview
ACCE thesis
Sixt SE rents out cars and commercial vehicles through its own branch network in Germany and across Europe, and it sells the fleet back into the used-car market once it ages, so its earnings depend as much on residual values as on rental rates. The structural argument rests on scale and vehicle purchasing: as one of the largest rental fleets in its core markets, it buys cars in volume from manufacturers and runs them on a cycle that smaller operators struggle to match. Revenue grew 9.9% and the operating margin sits at 13.4%, with ROE of 15.0%, which together say the business is converting that growth into returns. The trailing P/E of 29.9 against a forward P/E of 9.3 is the number that needs explaining, since it implies earnings are expected to rise sharply from current levels, and whether that recovery is cyclical normalisation or a durable step-up in profitability is the question for a deeper look. Fleet depreciation, used-car prices and travel demand are the variables that would decide it.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Negative free cash flow
FCF is $-173.8M while debt/equity sits at 1.68. Rental fleet capex is consuming cash, so the business is funding growth through borrowing rather than internal cash generation.
moderate
Thin net margin
Net margin is +6.8% against a +13.4% operating margin, and earnings grew only 5.8% against 9.9% revenue growth. Profit conversion is weakening relative to sales.
moderate
Concentrated insider ownership
Insiders hold +58.3% and institutions only +14.7%, leaving a thin free float. Liquidity and price discovery may be weaker than the market cap suggests.
AI research notes
AI-assisted·How I use AIWritten Oct 24, 2026 · figures from 2026-10-23 · prices to Oct 23, 2026
Why it could do well
Five-year revenue growth averaged +22.8% per year, showing the business has expanded strongly over time.
Consensus model fair value is €105.86, and all four valuation models in the consensus were used.
The stock trades at a forward P/E of 9.3x against a sector median of 21.7x, and pays a 4.4% dividend yield.
Why it could disappoint
Free cash flow over the last twelve months was negative at -EUR 174M, so fleet growth relies on borrowing.
Debt to equity stands at 1.68, leaving the balance sheet more exposed if refinancing costs rise.
The latest EPS surprise was -23.5%, with earnings of 1.77 against 2.31 expected, below what analysts had forecast.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 12, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where SIX2.DE's valuation models land
Price
€71.80
Model fair value
€106
Model range
€55.96 to €157
Fair value €106
Price €71.80
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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