BUZZ-Deutsche Bank starts D'Ieteren at Buy, says Belron stake worth the price alone

** Deutsche Bank initiates coverage of D'Ieteren IETB.BR with a "buy" rating, saying the Belgian investment firm offers exposure to a portfolio of high-quality automotive repair and services business

** The broker is particularly bullish on Belron, the vehicle glass repair and replacement company behind Carglass and Safelite, arguing it is worth D'Ieteren's entire current equity value on its own

** "Belron has a 15Y CAGR of +6% in revenue and +13% in operating profit, with margins of 23% that we expect to rise to >25%," DB says

** Belron has previously been linked to a potential IPO in media reports

** Combined with D'Ieteren's other businesses, which DB says offer "structural growth, recurring demand, scale advantages and strong cash generation", the broker sets a price target of 230 euros, implying about 35.6% upside to Tuesday's close

** Out of 14 analysts that cover D'Ieteren, all 14 rate the stock "strong buy" or "buy" - LSEG Data


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