D'Ieteren slumps to bottom of STOXX on FY miss, 'soft' outlook
09/03/2022 09:15
** Shares in D'Ieteren IETB.BR fall around 10% to the
bottom of Europe's STOXX 600 index .STOXX , after the Belgian
car distributor reported FY results below expectations and
provided a 2022 outlook KBC Securities calls "soft" urn:newsml:reuters.com:*:nS8N2UE0E3
** The company posted an adjusted profit before tax group
share of 489 million euros ($535.36 million) for 2021, below
consensus at 499 mln euros
** "D'Ieteren Group was unable to meet the high expectations
despite growing 50.6% y/y," KBC says in a note
** The brokerage highlights a "more important miss" in the
margins, as the company's key growth driver Belron posted H2
adj. EBIT margin of 15.1% vs. 18.4% seen by consensus
** D'Ieteren guides 2022 adj. EBIT margin growth "slightly
above the low-double digit organic sales growth", which is also
below estimates according to KBC
** "Although we expect a negative share price reaction
today, we believe the group is trading at attractive levels,"
the broker concludes
** The stock is on track for its worst day since March 2020
($1 = 0.9134 euros)
(Reporting by Clement Martinot)
((Clement.martinot@tr.com))