Berenberg starts D'Ieteren with 'buy', says portfolio mix drives growth

D'Ieteren SA

14/01/2026 08:40

** Berenberg initiates coverage on Volkswagen distributor D'Ieteren Group IETB.BR with a "buy" rating, citing its appealing portfolio mix

** The brokerage says D'Ieteren unit Belron, a global leader in glass repair, will drive value through rising windshield complexity, recalibration of advanced driver assistance systems and strong insurer partnerships

** It says the company is "driven to succeed", with its aftermarket units TVH Parts and Parts Holding Europe providing resilient cash flows and notebook maker Moleskine offering a recovery opportunity

** Berenberg sets PT at 224 euros, highlighting a 36% upside based on a sum-of-the-parts valuation methodology, which places a 20% discount on the company's assets

** Key risks include high valuation exposure to Belron and uncertainty surrounding U.S. trade policy, it adds

** Out of 10 analysts that cover D'Ieteren, nine rate the stock "strong buy" or "buy" and ​one "hold" - LSEG data

(Reporting by Jerome Terroy)

((jerome.terroy@thomsonreuters.com))