Berenberg initiated coverage of D’Ieteren Group SA with a "buy" rating and a €224 price target, suggesting 36% upside from its €164 closing price. This marks the brokerage's first formal analysis of the Belgian family-controlled investment group, which holds unlisted assets in automotive and aftermarket sectors. Berenberg values the company using a sum-of-the-parts approach.

The thesis centers on Belron, which dominates the group's net asset value. Belron specializes in vehicle glass repair and recalibration, with 70% of 2024 revenue coming from insured jobs. D’Ieteren’s portfolio also includes D’Ieteren Automotive, Parts Holding Europe, TVH Parts, and premium stationery brand Moleskine, providing diversified cash flow.

Recent financials show sales rising to €8.16 billion in 2024, though net profit fell to €372 million. A 2024 shareholder reorganization saw Nayarit Group become the majority shareholder, triggering a €74 special dividend that pushed Belron’s net debt to 5.2x EBITDA. Investors should watch how this leverage impacts future flexibility.