D'Ieteren Sensitivity analysis on IPO rumours and earnings preview
According to Bloomberg, D'Ieteren Group has appointed Rotschild to explore strategic options for its controlling stake in Belron, people familiar with the matter said. Options considered include an IPO in the US or in the EU, with a valuation of upwards of $30bn and close to $40bn. Deliberations are preliminary and D'Ieteren could decide to keep its stake in Belron, people said. Any IPO plan would need to be agreed by the entire ownership of Belron, including CD&R, H&F, GIC and Blackrock. In this note, we share a quick sensitivity analysis around a potential Belron IPO and reiterate our Buy rating and € 220 TPD'Ieteren is engaged in two sectors of services to the motorist: Automobile Distribution, which is a distributor of Volkswagen, Audi, Seat, Skoda, Bentley, Lamborghini, Bugatti, Porsche, and Yamaha brands in Belgium; and Vehicle Glass, which is engaged in the repair and replacement of vehicle glass mainly in Europe, North and South America, Australia and New Zealand through Belron s.a. and notably its CARGLASS®, AUTOGLASS® and SAFELITE® AUTO GLASS brands.
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