D'Ieteren FIRST LOOK: Good FY23 results, outlook slightly softer
D'Ieteren reported a nice set of FY23 results, with the adj. PBT (gs) +28.1% to € 971m, above the upward revised guidance of € 960m, as well as kbcs and css estimates of € 966m. Although the mid to high single digit adj PBT (gs) growth outlook for 2024 is slightly softer than expected, we see no major surprises across the divisions. Knowing that D'Ieteren is usually conservative with its guidance, we reiterate our Buy & € 225 TP.D'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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