D'Ieteren Shareholder shift & extraordinary dividend in focus after good results
D'Ieteren reported a good set of 1H24 results, with the adj. PBT (gs) up 6.4% to € 586m (kbcse: € 572m, css: € 546m), while FCF (gs) improved materially to € 540m (1H23: € 187m). The group also confirmed its outlook. More important was the shareholder reorganisation, with Nayarit to acquire 16.7% from SPDG. Secondly, D'Ieteren announced the proposal of an extraordinary dividend of € 74 per share. Buy and € 260 TP reiterated.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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