Bernstein starts D'Ieteren at 'outperform,' seeing potential Belron IPO as catalyst

D'Ieteren SA

16/04/2026 10:47

** Bernstein initiates Belgian holding company D'Ieteren  at "outperform," expecting a potential initial public offering of Belron to narrow its valuation discount

**  With D'Ieteren's share price being much lower than what Belron alone appears to be worth, the IPO of the vehicle glass replacement unit could push the parent company's valuation up significantly, it says

** Also, in its view, parts distributors PHE and TVH, in which D'Ieteren holds respective 91% and 40% stakes, are underappreciated by the market and offer solid organic growth with strong margins in fragmented sectors

** While the D'Ieteren Automotive unit and the Moleskine stationery brand face a period of debate or turnaround, there is unpriced optionality to rehabilitate these businesses, the brokerage says

** Bernstein starts coverage of D'Ieteren with a target price of 230 euros, which offers a 34% upside to the group's Wednesday share price

** Shares of D'Ieteren are up 2% at 175.2 euros at 09:40 GMT on Thursday

    ** Out of 13 analysts that cover D'Ieteren Group SA, 13 rate the stock "strong buy" or "buy,"- LSEG data

 (Reporting by Zakarya Meliani)

 ((zakarya.meliani@thomsonreuters.com))