Edison Investment Research - Stern Groep N.V. (STRN) Stern Groep - A very profitable year

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Edison Investment Research

Toby Thorrington

Stern Groep - A very profitable year

FY21 is set to be a good year in terms of profitability for Dutch automotive company Stern Groep. We expect revenues to increase by 6.6% (was 11.6%), held back by shortages of new cars. However, a good mix of more workshop revenues and premium car sales drive margins higher. We have increased our 2021 EPS forecast by 19.8% and reduced our 2022 EPS forecast by 6.9%. The valuation is undemanding at 7.1x 2022e P/E.

16/11/2021 6 EN

Underlying

Stern Groep N.V.

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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NL0000336303 Euronext Amsterdam Netherlands

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Toby Thorrington

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Stern Groep - A very profitable year

PB Holding - Termination of coverage

Edison issues flash on PB Holding (PBH): Net loss of €2.6m in FY23

PB Holding - Net loss of €2.6m in FY23

Card Factory - Confident on FY25 outlook

Immix Biopharma - US CAR-T trial progresses to dose expansion

Helios Underwriting - Strategic shift from growth to consolidation

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