D'Ieteren Group - Strong start, guidance raised but prudent H2 outlook
Group adj. PBT was 15% above CSS driven by another strong performance of Belron and Auto. Also TVH and PHE were better on the adj. EBIT lineGuidance was raised by 7% but only partly due to operations. The new outlook of Group adj. PBT of ‘at least EUR 960m' implies a prudent view on H2.Valuation of D'Ieteren remains very interesting whereby today investors are not even paying in full for Belron and receive Auto, PHE and TVH Parts on top. We stick to our BUY rating and keep our EUR 230 TP unchangedD'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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