(DIE) D'Ieteren - BR
Sector: Consumer Cyclical | Industry: Auto & Truck Dealerships | Exchange: BR (Belgium) | Market Cap: 8.693m EUR | Total Return: -3% in 12m
Avg Turnover: 9.87M
Warnings
Altman Z'' 0.83 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
DIeteren Group SA is a Brussels-based investment holding company with a diversified portfolio spanning automotive services, parts distribution, and consumer goods. Its largest revenue drivers include Belron, the global leader in vehicle glass repair and replacement, and DIeteren Automotive, which serves as the exclusive distributor for Volkswagen Group brands in Belgium. The company also operates TVH, a global distributor of aftermarket parts for industrial and agricultural equipment, and PHE, a leader in European spare parts distribution.
The group’s business model relies on market leadership in niche industrial segments and long-term partnerships with major automotive manufacturers. By integrating vehicle glass recalibration services, the company addresses the increasing complexity of Advanced Driver Assistance Systems (ADAS) found in modern vehicles. This technical shift creates higher entry barriers and increases the average service value per customer compared to traditional glass repair.
Detailed financial metrics and valuation models for the group are available on ValueRay for those seeking further analysis. Beyond automotive services, the company maintains a significant real estate portfolio and owns Moleskine, a premium brand for stationery and creative tools. This multi-sector approach allows DIeteren to balance cyclical automotive retail trends with more resilient industrial and service-based income streams.
- Belron margins expand through ADAS recalibration and service price increases
- DIeteren Automotive revenue tracks Belgian new vehicle registration recovery
- TVH parts demand correlates with global industrial and agricultural activity
- Special dividend distributions and capital allocation strategy drive valuation rerating
| Net Income: 419.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA -4.12 > 1.0 |
| NWC/Revenue: 6.24% < 20% (prev 10.94%; Δ -4.70% < -1%) |
| CFO/TA 0.09 > 3% & CFO 543.0m > Net Income 419.5m |
| Net Debt (2.36b) to EBITDA (629.6m): 3.74 < 3 |
| Current Ratio: 1.27 > 1.5 & < 3 |
| Outstanding Shares: last quarter (53.2m) vs 12m ago -0.45% < -2% |
| Gross Margin: 25.09% > 18% (prev 24.13%; Δ 0.96% > 0.5%) |
| Asset Turnover: 124.7% > 50% (prev 122.1%; Δ 2.65% > 0%) |
| Interest Coverage Ratio: 2.78 > 6 (EBIT TTM 397.4m / Interest Expense TTM 142.9m) |
| A: 0.08 (Total Current Assets 2.34b - Total Current Liabilities 1.84b) / Total Assets 6.20b |
| B: -0.04 (Retained Earnings -221.8m / Total Assets 6.20b) |
| C: 0.06 (EBIT TTM 397.4m / Avg Total Assets 6.44b) |
| D: 0.00 (Book Value of Equity 14.3m / Total Liabilities 6.17b) |
| Altman-Z'' = 0.83 = B |
| DSRI: 1.08 (Receivables 886.9m/835.4m, Revenue 8.03b/8.15b) |
| GMI: 0.96 (GM 24.13% / 25.09%) |
| AQI: 1.04 (AQ_t 0.49 / AQ_t-1 0.47) |
| SGI: 0.99 (Revenue 8.03b / 8.15b) |
| TATA: -0.02 (NI 419.5m - CFO 543.0m) / TA 6.20b) |
| Beneish M = -2.99 (Cap -4..+1) = A |
As of June 16, 2026, the stock is trading at EUR 170.80 with a total of 57,580 shares traded.
Over the past week, the price has changed by +6.15%,
over one month by +3.44%,
over three months by +0.55% and
over the past year by -3.00%.
D'Ieteren has no consensus analysts rating.
P/E Trailing = 21.0038
P/E Forward = 11.6822
P/S = 1.082
P/B = 606.7694
P/EG = 6.8077
Revenue TTM = 8.03b EUR
EBIT TTM = 397.4m EUR
EBITDA TTM = 629.6m EUR
Long Term Debt = 1.52b EUR (from longTermDebt, last quarter)
Short Term Debt = 413.9m EUR (from shortTermDebt, last quarter)
Debt = 2.66b EUR (from shortLongTermDebtTotal, last quarter) + Leases 415.6m
Net Debt = 2.36b EUR (calculated: Debt 2.66b - CCE 304.8m)
Enterprise Value = 11.1b EUR (8.69b + Debt 2.66b - CCE 304.8m)
Interest Coverage Ratio = 2.78 (Ebit TTM 397.4m / Interest Expense TTM 142.9m)
EV/FCF = 25.61x (Enterprise Value 11.1b / FCF TTM 431.5m)
FCF Yield = 3.90% (FCF TTM 431.5m / Enterprise Value 11.1b)
FCF Margin = 5.37% (FCF TTM 431.5m / Revenue TTM 8.03b)
Net Margin = 5.22% (Net Income TTM 419.5m / Revenue TTM 8.03b)
Gross Margin = 25.09% ((Revenue TTM 8.03b - Cost of Revenue TTM 6.02b) / Revenue TTM)
Gross Margin QoQ = 25.78% (prev 24.41%)
Tobins Q-Ratio = 1.78 (Enterprise Value 11.1b / Total Assets 6.20b)
Interest Expense / Debt = 5.37% (Interest Expense 142.9m / Debt 2.66b)
Taxrate = 15.88% (81.1m / 510.8m)
NOPAT = 334.3m (EBIT 397.4m * (1 - 15.88%))
Current Ratio = 1.27 (Total Current Assets 2.34b / Total Current Liabilities 1.84b)
Debt / Equity = 186.2 (Debt 2.66b / totalStockholderEquity, last quarter 14.3m)
Debt / EBITDA = 3.74 (Net Debt 2.36b / EBITDA 629.6m)
Debt / FCF = 5.46 (Net Debt 2.36b / FCF TTM 431.5m)
Total Stockholder Equity = 708.0m (last 4 quarters mean from totalStockholderEquity)
RoA = 6.51% (Net Income 419.5m / Total Assets 6.20b)
RoE = 59.26% (Net Income TTM 419.5m / Total Stockholder Equity 708.0m)
RoCE = 17.87% (EBIT 397.4m / Capital Employed (Equity 708.0m + L.T.Debt 1.52b))
RoIC = 7.48% (NOPAT 334.3m / Invested Capital 4.47b)
WACC = 6.96% (E(8.69b)/V(11.4b) * Re(7.71%) + D(2.66b)/V(11.4b) * Rd(5.37%) * (1-Tc(0.16)))
Discount Rate = 7.71% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -46.67 | Cagr: -0.61%
[DCF] Terminal Value 73.10% ; FCFF base≈554.9m ; Y1≈486.6m ; Y5≈393.1m
[DCF] Fair Price = 75.17 (EV 6.31b - Net Debt 2.36b = Equity 3.95b / Shares 52.6m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 60.01 | Revenue CAGR: 4.27% | SUE: 0.07 | # QB: 0
EPS current Year (2026-12-31): EPS=13.34 | Chg30d=N/A | Revisions=+0% | GrowthEPS=+3.0% | GrowthRev=+1.0%
EPS next Year (2027-12-31): EPS=15.34 | Chg30d=N/A | Revisions=+0% | GrowthEPS=+15.0% | GrowthRev=+4.2%
[Analyst] Revisions Ratio: +0%