Stern Groep - A strong H1, more emphasis on used/rental
Stern’s 2020 financial and operational restructuring has placed it in a good position to cope with the uncertain car market in 2021. Opportunities to create further shareholder value range from M&A to high dividend pay-outs. We are increasing our EPS forecasts by 10.5% and 9.9% in 2021 and 2022 respectively, driven by the restructured organisation, digitisation efforts and an improving market environment. The valuation is undemanding, at 6.7x 2022e P/E.Co. is a holding company. Co. operates dealerships in the general Amsterdam area. Co. operates Mercedes-Benz, Opel/General Motors, Ford, BMW, Chrysler, Fiat, Lancia, Alfa Romeo, land Rover, Volvo and Renault dealerships. Co. also operates Shell and BP fuel stations. Co. also owns bodywork repair shops in the Amsterdam area. Co. also provides automobile leasing services and insurance.
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