D'Ieteren FY24 earnings preview
Running up to the publication of D'Ieteren's FY24 result on March 10th after market close, we have summarized our expectations below. While we expect the group to meet its adj. PBT (gs) ambitions for 2024, focus will again be concentrated towards Belron, which should face easier margin comps in 2H24. Additionally, we will also pay attention on FCF generation at Belron following the increased leverage after the refinancing. Buy and € 225.0 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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