Oddo BHF - Stern Groep N.V. (STRN) Stern Groep : Engine tuning going

Report

Oddo BHF

Hugo Lisboa ...

Martijn Den Drijver

Stern Groep : Engine tuning going

We initiate coverage on Stern with a Neutral rating and a price target of € 11.7/share. Stern is a Dutch top 3 automotive retailer that is optimising its cost base (in retail and parts distribution) and investing in digitisation to enhance efficiency. This is necessary as there are margin pressuring trends in the near and long term. Stern could possibly try to offset these effects further by gaining scale through M&A (financed partially by a sale of the 5% Bovemij stake, speculat...

24/02/2021 47 EN

Underlying

Stern Groep N.V.

Co. is a holding company. Co. operates dealerships in the general Amsterdam area. Co. operates Mercedes-Benz, Opel/General Motors, Ford, BMW, Chrysler, Fiat, Lancia, Alfa Romeo, land Rover, Volvo and Renault dealerships. Co. also operates Shell and BP fuel stations. Co. also owns bodywork repair shops in the Amsterdam area. Co. also provides automobile leasing services and insurance.

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NL0000336303 Euronext Amsterdam Netherlands

Provider

Oddo BHF

Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

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Analysts

Hugo Lisboa

Martijn Den Drijver

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Stern Groep : Engine tuning going

PB Holding - Termination of coverage

Edison issues flash on PB Holding (PBH): Net loss of €2.6m in FY23

PB Holding - Net loss of €2.6m in FY23

SES : New benchmark bond issue to replace the Intelsat bridge facility

SES : New benchmark bond issue to replace the Intelsat bridge facility

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