D'Ieteren Key highlights from the PHE strategy day & model update
Yesterday, PHE held a strategy day at its Logisteo distribution centre in Reau France, giving investors the opportunity to meet with PHE's management (CEO, CFO & COO) for the first time since the acquisition by D'Ieteren in 2022. As expected, no new financial targets were disclosed. However, during the presentation, the underlying growth drivers for the business were reiterated. Below, we summarize the key highlights. Additionally, we also slightly adjusted our D'Ieteren group estimates following the 1Q24 update (end-May). Although we have slightly tweaked our estimates to the downside due to negative weather impacts at Belron and softer macro demand at TVH in 1Q24, we reiterate our Buy and € 260 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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