Stern Groep - Riding pandemic waves
In 2020, Stern has taken the opportunity to restructure its balance sheet by impairing tax assets and goodwill, and accelerating its digital strategy. This places the company in a good position to weather the current storm and also to play an active part in European or local consolidation. We expect profitability to increase in the next years driven by the restructured organisation, a focus on margin over volume and an improving market environment. Downturns tend to be opportunities to invest in car dealerships, especially those that are likely to emerge stronger and, despite the remaining low visibility due to COVID-19, we believe that the valuation is undemanding, at 6.5x 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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