Stern Groep

AS: STRN

€73.5m market cap

€12.4 last close

Stern Groep is one of the largest automotive groups in the Netherlands. With 75 locations and revenues of almost €1bn it is the second largest car retailer group in the Netherlands. The company has over 1,850 employees.

Investment summary

Downturns tend to be opportunities to invest in car dealerships, especially those that are likely to emerge stronger. Stern is well positioned to weather the current storm with its significantly restructured organisation. Its valuation is undemanding at 9.8x 2021e P/E and there is additional optionality in light of a potential merger with much larger Swedish automotive group Hedin.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 988.7 6.1 (5.8) (73.0) N/A 1.4
2019A 989.3 47.4 (1.4) 29.0 42.8 19.6
2020E 815.5 14.4 3.0 131.0 9.5 2.0
2021E 922.8 17.8 7.8 123.0 10.1 N/A
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Sector
Industrials
Share price graph
Balance sheet
Forecast net debt (€m) 118.9
Forecast gearing ratio (%) 85
Price performance
%
1m
3m
12m
Actual 3.8 30.8 (12.4)
Relative* (0.2) 36.4 (9.5)
52-week high/low €17.9/€7.9
*% relative to local index
Key management
Henk van der Kwast CEO
Finus Porsius CFO