D'Ieteren Special General Meeting Approves extraordinary dividend of € 74ps
On Friday, D'Ieteren Group's special general meeting approved the distribution of an extraordinary gross dividend of € 74 per ordinary share and € 9.25 per profit share. D'Ieteren Group will go ex-dividend on 10 December 2024, with the record date on 11 December 2024. Payment of the dividend will take place as from 12 December 2024. Deducting the dividend from our valuation, we derive a post-dividend SOTP valuation of € 281ps. After applying a 20% holding discount, we derive a new TP of € 225ps. We therefore reiterate our Buy rating but lower our TP from € 300 to € 225ps.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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