D'Ieteren Shareholder transaction values Belron at EV of € 32.2bn
D'Ieteren announced that Atessa, the holding company of ex-CEO Gary Lubner, has signed a binding agreement to sell 1.4% of its stake in Belron to existing minority shareholders (CD&R, H&F, GIC & Blackrock). The transaction values Belron at an EV of € 32.2bn and equity value of € 23.5bn (post dividend recap). This compares to an EV of € 21.0bn and equity value of € 17.2bn in 2021, when CD&R sold part of its stake to Blackrock, H&F & GIC. Note that since the 2021 transaction, Belron also distributed € 6.1bn to shareholders, thus implying a significant valuation uplift. The transaction values Belron at an 24eEV/REBITDA multiple of 19.4x, or in line with the 2021 valuation of 19.9x. As the transaction implies a Belron valuation of € 223 per D'Ieteren share, or well above our current estimate of € 149ps, we increase our TP from € 252 to € 300ps and reiterate our Buy rating.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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