D'Ieteren inches up after Q1 sales rise

D'Ieteren SA

25/05/2023 09:01

** Shares in D'Ieteren  IETB.BR  rise around 2% after the
Belgian car distributor reported higher Q1 sales and confirmed
its outlook for the fiscal year
    ** The group's combined sales rose 45.1% to 3.8 billion
euros ($4.18 billion)
    ** KBC analyst Michiel Declercq notes that the Auto and PHE
(spare parts) units came in above the broker's expectations
    ** Auto performed strongly, with the sales growth of 40%
coming in well above the increase in registrations of 27%, while
PHE's organic growth of 13.3% came in well above the guidance,
Declercq says
    ** "We remain very confident in the name and believe the
group is well on track to beat its 2025 targets," KBC adds
    ** Including today's rise the stock has dropped by 9% YTD
($1 = 0.9084 euros)

 (Reporting by Augustin Turpin)
 ((augustin.turpin@thomsonreuters.com))