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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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"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.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.