D'Ieteren Group - Solid H2 with some prudence on 2024 guidance
D'Ieteren's FY results were in line with expectations driven by a (small) beat at Belron and a (larger) beat at Auto. Other results were more mutedImportantly, after some disappointments, the company's FCF was finally rock solid now that also working capital returned to normal levels combined with strong margin improvements. Hence, the company's net cash positioned improved further to EUR 1.2bnGuidance of ‘mid-to high single PBT growth' is in line with our estimate and slightly shy of CSS. FCF guidance seems solid and bodes well for having ‘options' in the futureAll in all, decent results and it does seem thatD'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.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.