D'IETEREN: Still plenty of fuel left in its growth engine DIE BB
D’Ieteren group’s long awaited investor day did not disappoint, with the group setting some ambitious targets for 2025, guiding for an adj. PBT (gs) of more than € 950m (FY21: € 493m). This is more than 5% above our previous estimate of € 893m at constant fx. Moreover, we believe there is still plenty of fuel left in the tank to beat its own outlook in the upcoming years, especially within its growth engine Belron. After revisiting our model, we derive a new SOTP valuation of € 239ps (prev. € 226ps). We increase our TP from € 190 to € 205 ps. Buy maintained.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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