D'Ieteren Group First look: FY22 very solid results, slightly exceeding expectations for 2023
D'Ieteren's FY22 results were better than expected, with the 50.9% increase in adj. PBT (gs) to € 733m coming in above our expectations (kbcse: € 711m, CSS: € 716m). Meanwhile, next year's adj. PBT (gs) outlook of around € 900m was also slightly better (kbcse: € 890m). With D'Ieteren well on track to achieve its FY25 targets, we reiterate our Buy and € 205 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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