D'Ieteren Update on financing costs
This morning, D'Ieteren group provided an update on its financing costs after raising € 1.0bn in bank loans at the group level, hereby completing the final piece of the puzzle. In total, the refinancing will be a roughly € 30m headwind in FY24, mainly related to the additional charges at Belron (11 weeks impact), while the impact for the increased group debt & PHE refinancing will be marginal. D'Ieteren further mentioned that the charges are excluded from the mid-to-high single digit adj. PBT (gs) outlook for 2024. While financing costs will further increase in 2025, a concrete update on this will only provided during the FY24 results (FY25 outlook). We reiterate our Buy rating and € 300 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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