D'Ieteren New 2024-2028 targets in line with expectations, but will this be enough?
This morning D'Ieteren announced its new 2024-2028 ambitions which will be followed by a CMD in London later today. While the mid-single digit adj. EBIT growth target came below our estimate of 7.1%, we believe the outlook is rather prudent as the outlook for the different entities is almost perfectly in line with our expectations. No other major news was announced. While the 1Q25 sales update came in slightly below our estimates , we want to highlight that this was partially due to fewer trading days as this impact was not included in our expectations. Buy € 220 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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