D'Ieteren (DIE BB): The Belgian Holdco Hiding a World-Class Business at Half Price

80% of NAV sits in an exceptional business getting ready to go public, yet the stock trades at a 50% discount to NAV. The Belron IPO looks increasingly likely and D'Ieteren is the only way to play it.

D’Ieteren (DIE BB) | Share price: €172.40 | May 2026

Market Cap: ~€9.2bn | ADV: 73,200 shares/ €13mn | 53.7mn shares outstanding

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Pitch

D’Ieteren is a Belgian holding company trading at a c.50% discount to my estimate of NAV, where 80% of that NAV is concentrated in a world-class business, Belron, that should IPO in the coming year or so. The IPO will drive a re-rating of D’Ieteren’s NAV and, I expect, a meaningful compression of the holding company discount as their largest asset becomes publicly liquid and impossible to ignore. This double play makes D’Ieteren a core position for me with a two-year probability weighted IRR of 21%. A world-class asset base at half price, with a family-controlled shareholder that has a history of returning cash via special dividends. I like the asymmetric set-up here into the potential Belron IPO event, heads I win, tails I don’t lose much.

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