In fact, the company's market capitalization has been halved since then, and is now back to the more reasonable levels of x10 expected earnings this year, and a dividend yield of 6.5%.

Like its peers, Sixt was hit hard by the rise in interest rates and the aftermath of the pandemic-related shortages. As a result, the residual value of its fleet fell sharply, calling for immediate readjustments.

As its CFO had promised at the end of the first quarter, these adjustments have been made, and the situation of the group - renowned for its quasi-military-inspired management - improved in the second quarter.

However, pre-tax profit is expected to be between EUR340 and EUR390 million for the full year 2024. This marks its lowest level in four years, even though sales have risen considerably since then.

As with many other listed companies, the distortions caused by the pandemic were profound. Years later, they continue to muddy the waters and make "normalized" profitability ratios less legible.

MarketScreener nevertheless notes that Sixt's market capitalization represents a multiple of x7-x8 the pre-tax profit expected this year. It is thus back on its all-time lows, which cannot fail to raise eyebrows.

The Group is continuing to expand, and successfully so. Market share is growing, and consolidated sales rose by 10% in the first half. The performance in the United States - where sales rose by 24.3% - is even more remarkable.

Sixt continues to post the best profitability in its sector, which is ruthless, subject to high credit risk, and has seen a number of resounding bankruptcies. The German group certainly does well here: in twenty years, it has never failed to pay a dividend, rising from EUR0.3 per share in 2003 to EUR3.9 per share last year.

Its success is largely due to its privileged partnership with German automakers, who supply the vehicles and finance a significant proportion of the operating leases themselves.