D'Ieteren climbs after H1 beat and outlook hike
08/09/2023 09:20
** Shares in D'Ieteren IETB.BR rise more than 3% after the
Belgian auto distributor reported beat H1 profit estimates and
raised FY guidance on Thursday
** H1 adj. pre-tax profit, group's share, rises 46% to 548.9
mln euros, beating consensus of 475.3 mln euros, according to
Jefferies; sales jump 65% to 5.94 bln euros, 3% above estimates
** Jefferies says the H1 beat was driven by better than
expected results at D'Ieteren's Automotive unit and auto glass
repair business Belron, thanks to "significant pricing effects"
** The company lifts 2023 adj. pre-tax profit guidance to
above 960 mln euros ($1.03 bln) from around 900 mln previously
** It says the new outlook includes interest costs linked to
Belron's term loan issuance in April, and the reclassification
of share-based payment expenses and other long-term incentive
plans
** ING says the management's comments that D'Ieteren is
"comfortably on track" to meet 2025 goals is "a strong signal of
confidence for the overall earnings/FCF growth story"
** The stock is on track for its largest single-day rise
since May
(Reporting by Pierre John Felcenloben)
((pierrejohn.felcenloben@thomsonreuters.com))