D'ieteren: Jefferies initiates coverage - says 'buy'

(CercleFinance.com) - Jefferies has initiated its coverage of D'ieteren shares with a "buy" rating and a target price of 210 euros, which represents upside potential of 38% for the share of this Belgian investment company, the parent company of Belron and Moleskine.


"An investment in D'Ieteren provides access to Belron, the market leader in vehicle glass repair, replacement & recalibration, at a 60% discount to market value, based on a reverse SOTP-analysis," it said.

"Valuing Belron at 20x FY23E EV/EBIT based on recent PE transaction multiples & peers, D'Ieteren's other assets have a negative value of E1.3bn, while generating 45% of operating profit," the broker adds.


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