D'Ieteren 1H25 Preview
On September 3rd, D'Ieteren's will report its 1H25 results after market close. In our estimates, we expect the adj. PBT (gs) to decline 15.8% on a reported basis to € 493m (css: € 475m). Note however that we expect this decline to be fully driven by refinancing as our estimates still assume a 1.1% increase in adj. EBIT (gs). As usual, the highlight of the results will be the performance at Belron. Contrary to the traditional seasonality, we expect margin improvement at Belron to be weighed towards 2H25, driven by the ongoing claims avoidance and impact of 2 less trading days in 1H25. However, we expect the claim avoidance impact to gradually normalize throughout the remainder of the year. Based on our SOTP valuation of € 277ps and discount of roughly 20%, we reiterate our Buy and € 225.0 TPD'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 a financial services provider for several types of professional clients, each with distinct needs.
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.