
Belron-Led Value and Upcoming IPO Optionality Drive Upside in Undervalued D’Ieteren Holding

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D’Ieteren SA has been upgraded to a Buy by Jefferies analyst David Kerstens, with a price target of €215.00. The upgrade is based on the strong performance of its core asset, Belron, which constitutes about 75% of D’Ieteren’s net asset value. Belron is expected to continue its growth trajectory, supported by increasing demand for complex windscreens and value-added products. Kerstens also notes the potential for an IPO of Belron in 2026, which could enhance transparency and value. D’Ieteren shares currently trade at a significant discount to their estimated net asset value, indicating potential upside.
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