Exane initiates D'Ieteren at 'outperform' on Belron valuation

** Exane BNP Paribas initiates coverage of Belgian car distributor D'Ieteren DIE at "outperform" mainly on the high valuation of its 50.3% stake in Belron (BLRIN.UL)

** The broker says the stake in Belron, a leader in automotive glass replacement, could be valued higher than D'Ieteren's current share price

** It values Belron at more than EUR 22 billion ($23.75 billion), with potential for further growth through improved liquidity and corporate activity

** D'Ieteren has a market capitalisation of EUR 8.68 billion - LSEG

** Exane's analysis suggests a 40% upside to its PT of EUR 230, driven by D'Ieteren's diversified holdings including PHE (vehicle spare parts distribution), TVH (aftermarket parts for material handling/construction) and Automotive

** Out of nine analysts that cover D'Ieteren, eight rate the stock "strong buy" or "buy" and ​one "hold" - LSEG

($1 = 0.9262 euros)