D'Ieteren Group - Also D'ieteren believes the discount is excessive
Announcing a buyback of EUR 100m or 1.3% of outstanding sharesAlso D'Ieteren's board seems to agree with our view that the current discount is at excessive levelsWe stick to our BUY rating and with almost 50% upside to our EUR 230 TP (with a 10% discount to NAV), we fully agree on why they announce this buybackD'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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