olivLaw · European equity research
D'Ieteren Group DIE.BR
Belgium · Euronext Brussels · ISIN BE0974259880 · Vertical: Listed companies from Belgium
D'Ieteren Group is a Belgian group active in car distribution, auto glass (Belron), logistics and mobility. In fiscal 2025 it reported consolidated revenue of 8033.5 million EUR, while adjusted profit remains central to the debate, especially as the group navigates the shift toward low-emission mobility.
At the close of 05 Nov 2026, D'Ieteren Group (DIE.BR) stock was 182.30 EUR (−0.27% on the day), with market capitalisation 9.7 bn EUR, P/E 23.2 on diluted EPS of 7.87 EUR over the last 12 months, dividend yield 1.10%, beta 0.85, 52-week range 144.50–197.90 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 67.1
- strong (55–70)
- Bollinger (20, 2)
- 167.16 – 181.49
- above the upper band · %B 1.06 · band width 8.2%
- SMA 50 / 200
- 170.67 / 174.29
- mixed trend
- MACD (12, 26, 9)
- 2.74 / 1.80
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.5% | −0.6% | +13.1 pp | — |
| 3 months | −0.7% | −4.2% | +3.5 pp | — |
| 6 months | +1.5% | +4.3% | −2.8 pp | — |
| Year to date | +18.5% | +7.5% | +10.9 pp | — |
| 1 year | +20.3% | +9.9% | +10.3 pp | +6.3% |
| 3 years | +26.2% | +49.8% | −23.6 pp | −6.5% |
| 5 years | +19.2% | +42.8% | −23.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 19.6, median 21.5, max 23.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 8.2 bn | 8.0 bn |
| Revenue YoY | unavailable | −1.5% |
| Net income | 372.1 m | 424.5 m |
| Net income YoY | unavailable | +14.1% |
| Diluted EPS | 6.87 | 7.87 |
| Diluted EPS YoY | unavailable | +14.6% |
| net % | 4.6% | 5.3% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 304.8 m EUR
- Financial debt
- 2.2 bn EUR
- Net debt
- 1.9 bn EUR
- Equity
- 28.4 m EUR
- Total assets
- 6.2 bn EUR
- Debt / equity
- 79.11x
- Current ratio
- 1.27x
- ROE
- unavailable
- ROA
- 6.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 8.2 bn | 8.0 bn | esef· 29 Apr 2026verified |
| Cost of revenue | 6.2 bn | 6.0 bn | esef· 29 Apr 2026verified |
| Gross profit | 2.0 bn | 2.0 bn | esef· 29 Apr 2026verified |
| Operating income | 258.2 m | 322.1 m | esef· 29 Apr 2026verified |
| Interest expense | 139.6 m | 142.9 m | esef· 29 Apr 2026verified |
| Pre-tax income | 470.4 m | 510.8 m | esef· 29 Apr 2026verified |
| Income tax | 93.6 m | 81.1 m | esef· 29 Apr 2026verified |
| Net income | 372.1 m | 424.5 m | esef· 29 Apr 2026verified |
| Diluted EPS | 6.87 | 7.87 | esef· 29 Apr 2026verified |
| Dividend per share | 1.60 | 2.00 | esef· 29 Apr 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 594.0 m | 304.8 m | esef· 29 Apr 2026verified |
| Receivables | 835.4 m | 868.5 m | esef· 29 Apr 2026verified |
| Inventories | 1.2 bn | 1.1 bn | esef· 29 Apr 2026verified |
| Current assets | 2.8 bn | 2.3 bn | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 789.6 m | 836.1 m | esef· 29 Apr 2026verified |
| Goodwill | 554.9 m | 582.9 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 1.1 bn | 990.4 m | esef· 29 Apr 2026verified |
| Total assets | 6.7 bn | 6.2 bn | esef· 29 Apr 2026verified |
| Short-term debt | 322.8 m | 413.5 m | esef· 29 Apr 2026verified |
| Long-term debt | 2.3 bn | 1.8 bn | esef· 29 Apr 2026verified |
| Current liabilities | 1.9 bn | 1.8 bn | esef· 29 Apr 2026verified |
| Equity | -443.4 m | 28.4 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 53.6 m | 53.5 m | esef· 29 Apr 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 9.7 bn EUR
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 27.20 – 185.92 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E81.00 – 185.92 (Mid 113.88)24 companies used · median multiple 14.5x · quartiles 10.3x – 23.6xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)27.20 – 37.09 (Mid 31.38)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.1% | 78 (vs peers) | 24% |
| Net margin · Quality | 5.3% | 56 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.3x | 12 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.3x | 39 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 23.2x | 37 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.1% | 16 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet23/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality70/100 · 2/3 factors with a value
- Returns· partial16/100 · 1/2 factors with a value
- Valuation· partial37/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
D'IETEREN GROUP (DIE.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 8.0 bn EUR in 2025; YoY growth -1.5%; net margin 5.3%.
The estimated value range is 54.10–111.51 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 72.63 EUR, the price of 182.30 EUR leaves a potential of -60.2% (value / price − 1) and a margin of safety of -151.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.1%
What contradicts it
- Interest coverage: 2.3x
- Shareholder yield (distributions): 1.1%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for DIE.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 102.17 Total return -43% · Per year -43% | 181.19 Total return 0% · Per year 0% | 273.68 Total return 51% · Per year 51% |
| 3 years | 87.59 Total return -50% · Per year -20% | 175.84 Total return -0% · Per year -0% | 293.25 Total return 65% · Per year 18% |
| 5 years | 75.09 Total return -55% · Per year -15% | 170.65 Total return -1% · Per year -0% | 314.22 Total return 79% · Per year 12% |
- Exit P/E± 43.96
- Net margin± 30.77
- Annual revenue growth± 26.80
- Annual dilution± 2.59
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
D'Ieteren Group is a Belgian group active in car distribution, auto glass (Belron), logistics and mobility. In fiscal 2025 it reported consolidated revenue of 8033.5 million EUR, while adjusted profit remains central to the debate, especially as the group navigates the shift toward low-emission mobility.
SWOT
Strengths
- Leadership position in global auto glass repair through Belron and a diversified portfolio of operating segments.
- Ability to generate dividends from operating subsidiaries, supporting the holding's financial position.
- Ongoing investment in research and development, especially in digitalisation and mobility solutions.
Weaknesses
- Dependence on the European car market and on new vehicle sales volumes, which can fluctuate.
- Higher costs of debt taken at the end of 2024 have pressured the corporate net financial result.
- The Moleskine segment has a small share of revenue and a modest adjusted operating result compared with the rest of the group.
Opportunities
- Expansion of renewable energy and electric vehicle charging offers through D'Ieteren Energy.
- Growing demand for alternative mobility, such as car sharing and e-bikes, could open new markets.
- Digitalisation of service and distribution in PHE and TVH could raise efficiency and customer loyalty.
Threats
- Regulations restricting combustion engines could reduce demand for traditional parts and services.
- Pressure from specialist competitors could limit margins in each operating segment.
- Shortages and rising costs of raw materials, such as metals needed for electric vehicles, could affect supply.
Risks
- Dependence on subsidiary dividendsmedium
The holding's financial position depends on dividends received from Belron, TVH and D'Ieteren Automotive. If subsidiary results fall, the holding's payment capacity could be affected.
- Cost of debtmedium
Debt taken at the end of 2024 generated significant interest costs, and a higher-rate environment could reduce the net financial result.
- Emissions regulation and energy transitionhigh
The annual report identifies a significant risk that regulation affects revenue, especially if demand for combustion engines declines faster than expected.
- Supply chainmedium
Shortages of raw materials for electric vehicles and supply chain disruptions, including dependence on Volkswagen, could affect vehicle distribution.
- Compliance and climate risklow
Alignment with the Green Deal and Fit for 55 could generate additional compliance costs and possible carbon levies, which could reduce operating margins.
Investment thesis
What would need to be true (bull case)
- If electrification and alternative mobility grow faster, the group could turn these trends into new revenue through energy, charging and digital services.
- Belron's leadership and the group's scale could support stable margins even in a weaker car cycle.
- Debt reduction and dividend flows from subsidiaries could strengthen the holding's financial flexibility.
What would break the thesis
- If combustion engine rules accelerate, demand for traditional parts and services could fall faster than new segments can compensate.
- Higher debt costs and pressure on free cash flow could limit investment in the energy transition.
- Competition in each operating segment could compress margins, especially in distribution and parts.
What to watch
- Development of Belron's adjusted operating result2026
- Level of corporate net debt and interest costsnext annual report
- Progress toward the SBTi target of a 42 percent emissions cut by 20302030
- Electric vehicle sales volumes within D'Ieteren Automotive distribution2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group has five operating segments: D'Ieteren Automotive, Belron, Moleskine, TVH and PHE, plus a corporate component that includes real estate activities. Belron and TVH are equity-accounted but remain separately reported segments, in line with the internal reporting structure.
The group's strategy, described in the annual report, aims to offer smooth and sustainable mobility, with a focus on electrification, shared mobility and renewable energy solutions through the subsidiary D'Ieteren Energy. Project ZERO sets a net zero emissions target by 2050.
Segments
Belron
Belron, specialised in repair and replacement of vehicle glass, contributed external revenue of 6722.0 million EUR and an adjusted operating result of 1536.0 million EUR in 2025, making it the group's largest segment.
D'Ieteren Automotive
The D'Ieteren Automotive segment, which covers car distribution and service, generated external revenue of 4978.7 million EUR and transferred dividends of 400.0 million EUR to the holding in 2025.
TVH, PHE and Moleskine
TVH, active in equipment and logistics, and PHE, active in online auto parts, contributed revenue of 1668.5 and 2937.1 million EUR respectively, while Moleskine, with external revenue of 117.8 million EUR, remains the smallest segment.
Market context
The European car market, where the group conducts most of its activities, reacts to emissions regulation and shifting consumer preferences. The annual report notes that rules on combustion engines could affect revenue, while demand for electric vehicles and alternative mobility is growing.
Windscreen repair activity depends on the vehicles in circulation and the frequency of road incidents, while parts distribution and logistics depend on car sales volumes. Market figures are not detailed in the analysed source, so the assessment remains qualitative.
Trends
- Electrification of the car fleetmixed
The shift to electric vehicles could reduce demand for classic parts, but it may open new segments in service, charging and renewable energy if the group adapts its offer.
- Emissions regulationheadwind
Legislation on combustion engines and alignment with the Green Deal could raise compliance costs and change long-term demand.
- Shared and alternative mobilitytailwind
Rising interest in car sharing, e-bikes and mobility as a service could expand the group's product range if these solutions become mainstream.
- Financing costsheadwind
New debt and interest paid reduced the corporate net financial result, which could limit investment flexibility if costs stay high.
Competitive position
The group competes in each segment with specialist operators: in glass repair, with independent networks and other global providers; in car distribution, with importers and multi-brand dealers; in logistics, with transport and warehousing providers.
The group's advantage stems from Belron's scale and its integrated distribution network, but in each local market competitive pressure could limit margins, especially in parts and service.
- Safelite Group
Major rival in vehicle glass repair and replacement in the North American market, in Belron's area of activity.
- Driven Brands
Automotive services group with maintenance and repair activities, competing in quick service.
- AutoZoneAZO
Auto parts distributor whose parts and service offer can be compared with the group's activities.
- Genuine Parts CompanyGPC
Auto and industrial parts distributor, comparable to PHE and TVH in certain segments.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202529 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / D'Ieteren Group · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.