D'Ieteren Group 1H23 Earnings preview: we bank on a 28.7% growth in adj PBT (gs)
Next week Thursday after market, D'Ieteren will publish its 1H23 results. Overall, we expect the adj. PBT (gs) to grow by 28.7% to € 467m, driven by a good performance at Belron, Auto and PHE, partially countered by the cyber impact at TVH and destocking effect at Moleskine. Based on our estimates, we believe D'Ieteren is well on track to achieve its adj. PBT (gs) guidance of around € 900m in FY23, despite higher interest costs at Belron and one-off cyber impact at TVH. We think today's valuation of less than 12x adj. P/E for a company generating double-digit earnings growth in the upcoming years is too conservative. We reiterate our Buy rating & € 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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