D'Ieteren FY24: good results, outlook slightly disappoints
D'Ieteren reported good FY24 results, with the adj. PBT (gs) up 9.6% and 12.7% at ccy and excluding the financing impact to € 1065m (kbcse: € 1018m, css: € 1006m). The better than expected performance was largely driven by Auto, while Belron performed broadly in line. However, the outlook slightly disappointed with the group banking on a slight increase in Adj. PBT (gs) from € 924m on a comparable basis (kbcse: € 995m, css: € 974m). On a reported basis, the adj. PBT (gs) is expected to decline following the refinancing impact. We reiterate our 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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