# D'Ieteren Group (DIE.BR)

Canonical: https://gigainvestors.com/s/DIE.BR

Analysis as of: 2026-10-16T07:35:53.340Z. Financial observations: FY2004–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 172.40 per share; close as of 2026-10-15.

Estimated value: low EUR 107.93 per share, central EUR 122.43 per share, high EUR 141.73 per share. Buy at or below the central value EUR 122.43 per share. Valuation as of 2026-10-16T07:35:53.340Z; scenarios are not confidence intervals.

Expected annual return: 7.9% at the stated quote. About 7.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; BE 10-year bond 4.3% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.46×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.03×

- FY2018: 0.03×

- FY2019: 0.06×

- FY2020: 0.05×

- FY2021: 0.09×

- FY2022: 0.09×

- FY2023: 0.05×

- FY2024: 0.03×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.6%

- ROIC, second-lowest year: 5.1%

- Typical minus recent gross margin: -6.7 pp

- Typical gross margin (annual median): 17.4%

- Recent gross margin (lower of latest and 3-year median): 24.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.4%

- ROIC including acquisitions, ten-year median: 9.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.4%

- FY2017: 5.1%

- FY2018: 4.7%

- FY2019: 10.4%

- FY2020: 8.7%

- FY2021: 11.8%

- FY2022: 11.1%

- FY2023: 8.9%

- FY2024: 19.8%

- FY2025: 24.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.9B

- Net income, five-year total: EUR 1.9B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: -0.8 pp

- Working capital / revenue, final three-year average: 12.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.96×

- FY2022: 0.90×

- FY2023: 1.03×

- FY2024: 0.99×

- FY2025: 1.09×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 5.1% vs 19.8%

- Per-share earnings: 2.07 to 7.98 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: EUR 5.9B

- Cumulative retained earnings: EUR -1.9B

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.4%

- Per-share value change: EUR 5.91

- Per-share value, starting three-year median: EUR 2.07

- Per-share value, ending three-year median: EUR 7.98

- Buybacks concentrated in cheaper years (correlation): 0.01

- Average buyback yield: 0.6%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 1.8B

- Cumulative net income, 10 years: EUR 3.3B

- ROIC, first three-year median: 5.1%

- ROIC, last three-year median: 19.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.92

- FY2017: EUR 2.07

- FY2018: EUR 19.34

- FY2019: EUR 1.20

- FY2020: EUR 2.57

- FY2021: EUR 4.73

- FY2022: EUR 6.21

- FY2023: EUR 9.45

- FY2024: EUR 6.92

- FY2025: EUR 7.98

### accounting: pass

- Sloan accruals: -3.4%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: -0.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.49×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 110.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.8%

- FY2017: 0.6%

- FY2018: 31.4%

- FY2019: 0.4%

- FY2020: -1.1%

- FY2021: 2.0%

- FY2022: 3.9%

- FY2023: 0.9%

- FY2024: -7.5%

- FY2025: -3.4%

## Holders

## Price story

Down 21% since Aug 2024 · sales -1.5%

Story as of 2026-10-16T10:00:06.280Z; price observation 2026-10-15.

Price needs cash profits to grow 5.3% a year for ten years

### Sales · FY2024–2025

sales -1.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 6.5B 

- FY2017: EUR 3.5B 

- FY2018: EUR 3.6B 

- FY2019: EUR 3.8B 

- FY2020: EUR 3.3B 

- FY2021: EUR 3.4B 

- FY2022: EUR 4.7B 

- FY2023: EUR 8.0B 

- FY2024: EUR 8.2B 

- FY2025: EUR 8.0B 

### Gross margin · FY2025

gross margin 25.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.9% 

- FY2017: 13.6% 

- FY2018: 13.6% 

- FY2019: 13.0% 

- FY2020: 13.3% 

- FY2021: 14.3% 

- FY2022: 20.6% 

- FY2023: 22.6% 

- FY2024: 24.1% 

- FY2025: 25.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto & truck dealerships; annual sales are EUR 8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:53.340Z); FY2025: revenue 8033500000; grossProfit 2015500000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DIE.BR: D'Ieteren Group SA operates as an investment company in Belgium, France, rest of Europe, and internationally. The company operates through D'Ieteren Automotive, Belron, Moleskine, TVH, and PHE segments. It is involved in vehicle glass repair, replacement, and recalibration under Carglass, Safelite, and Autoglass brands; and manages vehicle glass and other insurance claims on behalf of insurance customers. The company also distributes Volkswagen, Audi, SEAT, "koda, Bentley, Lamborghini, Bugatti, Cupra, Rimac, Microlino, Maserati and Porsche vehicles, as well as spare parts and accessories; markets used vehicles; and provides maintenance, financing, and leasing services. In addition, it manages real estate assets, such as offices, workshops, concessions, logistics centers, residential units, parking lots and landbanks; and offers real estate advice and a range of services to the tenants of the properties in the portfolio. Further, the company provides notebooks, planners, writing instruments, bags, reading accessories, and smart writing systems through wholesale, retail, e-commerce and strategic partnerships. Additionally, it distributes aftermarket parts for material handling, construction & industrial, and agricultural equipment. The company was founded in 1805 and is based in Brussels, Belgium.

### Why customers stay

Margins ranged from 22.6% to 25.1% during 2023–25; it earns 9.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:53.340Z); FY2023: grossProfit / revenue = 22.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:53.340Z); FY2024: grossProfit / revenue = 24.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:53.340Z); FY2025: grossProfit / revenue = 25.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:53.340Z); 10-year return on capital observations [[2016,0.06376775318327574],[2017,0.05133524772272496],[2018,0.04692472976680384],[2019,0.10358136153151119],[2020,0.08671537274524324],[2021,0.11762941967618872],[2022,0.11096324239652558],[2023,0.08931660499668406],[2024,0.19769018293610696],[2025,0.23981746692614794]]; median 0.09644898326409762. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 106.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:53.340Z); FY2017: growth capex 0; upkeep 35900000; owner earnings 98600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:53.340Z); FY2018: growth capex 9583004.618816748; upkeep 35416995.38118325; owner earnings 1036083004.6188167. Growth capex / owner earnings = 0.009249263404665548.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:53.340Z); FY2019: growth capex 8500000; upkeep 41900000; owner earnings 54860000. Growth capex / owner earnings = 0.15493984688297485.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:53.340Z); FY2020: growth capex 0; upkeep 35000000; owner earnings 139320000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:53.340Z); FY2021: growth capex 200000; upkeep 46500000; owner earnings 243300000. Growth capex / owner earnings = 0.0008220304151253596.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:53.340Z); FY2022: growth capex 0; upkeep 77000000; owner earnings 300260000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:53.340Z); FY2023: growth capex 0; upkeep 106500000; owner earnings 518800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:53.340Z); FY2024: growth capex 0; upkeep 131900000; owner earnings 369340000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:53.340Z); FY2025: growth capex 0; upkeep 111500000; owner earnings 461625226.90249014. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:53.340Z); Dividend observations: [[2016,49300000],[2017,52100000],[2018,208400000],[2019,54800000],[2020,53900000],[2021,72900000],[2022,113600000],[2023,160700000],[2024,4176700000],[2025,85400000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:53.340Z); FY2025: cash repurchases 106100000 EUR.

### Are managers owners

Insiders own 49.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DIE.BR SharesStats.PercentInsiders = 49.54 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.3% yearly over ten years; actual growth was 12.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:53.340Z); Ten-year compound average after fade. Initial solved rate 0.0625057937887249. Price 172.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.744269427991916 → FY2025 8.681082196902553. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 40.19 per share

- 2016-11: EUR 37.16 per share

- 2016-12: EUR 42.00 per share

- 2017-01: EUR 41.81 per share

- 2017-02: EUR 42.11 per share

- 2017-03: EUR 43.90 per share

- 2017-04: EUR 44.78 per share

- 2017-05: EUR 43.43 per share

- 2017-06: EUR 40.92 per share

- 2017-07: EUR 40.05 per share

- 2017-08: EUR 38.62 per share

- 2017-09: EUR 38.82 per share

- 2017-10: EUR 39.27 per share

- 2017-11: EUR 39.41 per share

- 2017-12: EUR 37.54 per share

- 2018-01: EUR 37.58 per share

- 2018-02: EUR 35.38 per share

- 2018-03: EUR 32.90 per share

- 2018-04: EUR 35.26 per share

- 2018-05: EUR 37.04 per share

- 2018-06: EUR 35.58 per share

- 2018-07: EUR 37.24 per share

- 2018-08: EUR 38.20 per share

- 2018-09: EUR 37.92 per share

- 2018-10: EUR 34.94 per share

- 2018-11: EUR 35.46 per share

- 2018-12: EUR 32.92 per share

- 2019-01: EUR 33.10 per share

- 2019-02: EUR 33.38 per share

- 2019-03: EUR 35.30 per share

- 2019-04: EUR 36.90 per share

- 2019-05: EUR 38.75 per share

- 2019-06: EUR 40.40 per share

- 2019-07: EUR 42.35 per share

- 2019-08: EUR 45.90 per share

- 2019-09: EUR 49.75 per share

- 2019-10: EUR 56.60 per share

- 2019-11: EUR 58.50 per share

- 2019-12: EUR 62.60 per share

- 2020-01: EUR 58.20 per share

- 2020-02: EUR 52.80 per share

- 2020-03: EUR 45.15 per share

- 2020-04: EUR 45.60 per share

- 2020-05: EUR 53.90 per share

- 2020-06: EUR 49.30 per share

- 2020-07: EUR 45.95 per share

- 2020-08: EUR 54.70 per share

- 2020-09: EUR 53.10 per share

- 2020-10: EUR 43.05 per share

- 2020-11: EUR 58.40 per share

- 2020-12: EUR 67.80 per share

- 2021-01: EUR 65.10 per share

- 2021-02: EUR 70.10 per share

- 2021-03: EUR 83.50 per share

- 2021-04: EUR 90.35 per share

- 2021-05: EUR 96.40 per share

- 2021-06: EUR 102.00 per share

- 2021-07: EUR 135.10 per share

- 2021-08: EUR 132.40 per share

- 2021-09: EUR 127.00 per share

- 2021-10: EUR 148.90 per share

- 2021-11: EUR 160.70 per share

- 2021-12: EUR 171.60 per share

- 2022-01: EUR 153.90 per share

- 2022-02: EUR 144.50 per share

- 2022-03: EUR 153.10 per share

- 2022-04: EUR 155.00 per share

- 2022-05: EUR 145.70 per share

- 2022-06: EUR 139.60 per share

- 2022-07: EUR 159.50 per share

- 2022-08: EUR 150.70 per share

- 2022-09: EUR 145.30 per share

- 2022-10: EUR 168.30 per share

- 2022-11: EUR 180.70 per share

- 2022-12: EUR 179.20 per share

- 2023-01: EUR 174.90 per share

- 2023-02: EUR 183.50 per share

- 2023-03: EUR 178.90 per share

- 2023-04: EUR 170.50 per share

- 2023-05: EUR 161.70 per share

- 2023-06: EUR 161.90 per share

- 2023-07: EUR 158.70 per share

- 2023-08: EUR 150.80 per share

- 2023-09: EUR 159.90 per share

- 2023-10: EUR 140.10 per share

- 2023-11: EUR 156.60 per share

- 2023-12: EUR 176.90 per share

- 2024-01: EUR 187.70 per share

- 2024-02: EUR 178.00 per share

- 2024-03: EUR 205.60 per share

- 2024-04: EUR 203.20 per share

- 2024-05: EUR 199.60 per share

- 2024-06: EUR 198.10 per share

- 2024-07: EUR 212.40 per share

- 2024-08: EUR 219.00 per share

- 2024-09: EUR 189.90 per share

- 2024-10: EUR 198.50 per share

- 2024-11: EUR 201.80 per share

- 2024-12: EUR 160.70 per share

- 2025-01: EUR 162.40 per share

- 2025-02: EUR 159.90 per share

- 2025-03: EUR 158.90 per share

- 2025-04: EUR 175.70 per share

- 2025-05: EUR 180.90 per share

- 2025-06: EUR 182.40 per share

- 2025-07: EUR 173.80 per share

- 2025-08: EUR 185.10 per share

- 2025-09: EUR 159.20 per share

- 2025-10: EUR 158.50 per share

- 2025-11: EUR 150.00 per share

- 2025-12: EUR 153.90 per share

- 2026-01: EUR 192.90 per share

- 2026-02: EUR 183.40 per share

- 2026-03: EUR 158.20 per share

- 2026-04: EUR 175.60 per share

- 2026-05: EUR 171.40 per share

- 2026-06: EUR 170.40 per share

- 2026-07: EUR 179.40 per share

- 2026-08: EUR 178.70 per share

- 2026-09: EUR 163.00 per share

- 2026-10: EUR 173.00 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 30.66 per share, central EUR 34.89 per share, high EUR 40.51 per share

- FY2017: low EUR 22.51 per share, central EUR 24.77 per share, high EUR 27.77 per share

- FY2018: low EUR 33.73 per share, central EUR 36.19 per share, high EUR 39.46 per share

- FY2019: low EUR 41.18 per share, central EUR 43.81 per share, high EUR 47.31 per share

- FY2020: low EUR 38.07 per share, central EUR 40.71 per share, high EUR 44.23 per share

- FY2021: low EUR 44.49 per share, central EUR 48.48 per share, high EUR 53.79 per share

- FY2022: low EUR 68.35 per share, central EUR 76.79 per share, high EUR 88.04 per share

- FY2023: low EUR 126.98 per share, central EUR 151.65 per share, high EUR 174.20 per share

- FY2024: low EUR 120.96 per share, central EUR 146.01 per share, high EUR 168.89 per share

- FY2025: low EUR 107.84 per share, central EUR 122.34 per share, high EUR 141.65 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.