D'Ieteren: From cash hero to cash nearly zero (in a good way) DIE BB
In the runup to the 2H21 results that will be published tomorrow, we take a closer look on what to expect for the different divisions. Next to that, we reflect on the addition of PHE (excpected to close in 3Q22), making the group nearly fully invested. Both the TVH parts and PHE transaction will also strongly contribute to the group’s bottom-line results by FY22 and FY23. We therefore do not understand the massive 42% discount at which the group is trading and believe the recent fallback in the share price provides an excellent entry opportunity with a 45% upside to our € 190 target price. We reiterate our Buy rating.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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