Professional
Added to YB: 2024-04-11
Pitch date: 2024-04-09
DIE.BR [bullish]
D'Ieteren Group SA
-3.84%
current return
Author Info
No bio for this author
Company Info
D'Ieteren Group SA operates as an investment company in Belgium, France, rest of Europe, and internationally.
Market Cap
EUR 9.8B
Pitch Price
EUR 151.93
Price Target
N/A
Dividend
0.87%
EV/EBITDA
15.46
P/E
26.81
EV/Sales
1.45
Sector
Distributors
Category
value
East 72 Dynasty Trust Portfolio Holding: D'Ieteren Group SA
D'Ieteren (DIE.BR): Belron is global leader in VGRR. Tech advantage w/ ADAS a moat. DIE owns 50.3% post-deal valuing Belron at €17.2B in 2021. Belron EBIT margin expanded 6% to 20%+ due to pricing power & ADAS mandates. Guiding to 23% margin in '25. DIE realized €12.7B from €620M invested over 25 yrs via divs, buybacks & stake sales. Exposure to Belron at 15.8x fwd earnings for outstanding biz. Other assets (TVH, PHE, Auto) worth €89/DIE share, implying €6.4B for its Belron stake, a 25% discount to '21 value. Potential for full Belron exit given PE co-owners.
Read full article (14 min)