D'Ieteren rises on 'nice set' of results, supportive guidance

D'Ieteren SA

06/03/2024 09:13

** Shares in D'Ieteren  IETB.BR  rise over 6% after the
Belgian auto distributor published a "nice set" of FY results
    ** The group reports FY adjusted profit before tax group
share (PBT) up 28.1% y/y at 971 million euros ($1.06 billion),
beating consensus of 966 million, KBC notes
    ** KBC deems the report a "nice set" of figures with "no
major surprises" across the divisions
    ** The company sees 2024 adjusted PBT growth at mid-to-high
single digit percentage yoy and is "on track" to reach 2025
targets
    ** For KBC, 2024 growth outlook for PBT is slightly softer
than expected, but it acknowledges D'Ieteren is usually
conservative with its guidance    
    ** ING notes the strong beat on FCF, which comes in at 193.2
million euros, and deems the group's EBIT guidance for 2024
"overall supportive"    
    ** D'Ieteren does not provide a specific EBIT outlook for
the group, but an operating margin one for each of its units
    ** ING also flags the stock has been underperforming YTD and
into the results 
    ** The stock, which lost about 6% between over the past
month, bounces back to end-Jan levels
    ** Shares are on track for their best day in nearly two
years
    
($1 = 0.9203 euros)

 (Reporting by Olivier Cherfan)
 ((olivier.cherfan@thomsonreuters.com))