D'Ieteren Group 2025 ambitions now well within reach
After a strong operational performance so far this year, we have adjusted our estimates and now expect the adj. PBT (gs) to grow by 28% to € 969m in 2023. Especially at Belron, we believe the margin expansion is trending well above the budget. Based on our estimates, we think D'Ieteren will comfortably exceed its own 2025 ambitions as we bank on an Adj. PBT (gs) of € 1.26bn by 2025. We therefore reiterate our Buy rating and € 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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