Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>D'ieteren Group operates a resilient, diversified business model centered on two market-leading pillars: Belron, the global leader in vehicle glass repair and replacement (VGRR), and D'Ieteren Automotive, the exclusive distributor of Volkswagen AG brands in Belgium.</li>
  <li>Belron provides a strong, defensive growth engine, capitalizing on the increasing complexity of vehicles, particularly the need for Advanced Driver Assistance Systems (ADAS) recalibration after windshield replacement, which creates a significant value-add service.</li>
  <li>The company's long-term strategy involves strengthening its core businesses while gradually expanding its portfolio with other market-leading companies, as evidenced by acquisitions like Parts Holding Europe (PHE) and TVH, aiming to build a family of businesses that can generate sustainable value.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  D'ieteren Group operates a resilient, diversified business model centered on two market-leading pillars: Belron, the global leader in vehicle glass repair and replacement (VGRR), and D'Ieteren Automotive, the exclusive distributor of Volkswagen AG brands in Belgium.
  Belron provides a strong, defensive growth engine, capitalizing on the increasing complexity of vehicles, particularly the need for Advanced Driver Assistance Systems (ADAS) recalibration after windshield replacement, which creates a significant value-add service.
  The company's long-term strategy involves strengthening its core businesses while gradually expanding its portfolio with other market-leading companies, as evidenced by acquisitions like Parts Holding Europe (PHE) and TVH, aiming to build a family of businesses that can generate sustainable value.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: D'ieteren SA/NV (DIE BB) - Aug 2026

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

<ul><li>In this edition: • Heineken | seeks majority control of Dutch hard-seltzer leader Stelz • Shell | two transactions to optimize US power portfolio • Basic-Fit | acquires 26 clubs in Austria and Germany for EUR 26m • PostNL | reaches milestone of 10 million mobile app downloads • D’Ieteren Group | Belron strategic review and the conglomerate discount</li></ul>

In this edition: • Heineken | seeks majority control of Dutch hard-seltzer leader Stelz • Shell | two transactions to optimize US power portfolio • Basic-Fit | acquires 26 clubs in Austria and Germany for EUR 26m • PostNL | reaches milestone of 10 million mobile app downloads • D’Ieteren Group | Belron strategic review and the conglomerate discount

What's News in Amsterdam - 11 September (Heineken | Shell | Basic-Fit | PostNL | D'Ieteren)

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Since mid-April we discussed how downside was limited on MSCI ACWI and EURO STOXX 50, and May 2nd discussed it was "quite possible" the lows were in.</li>
<li>Now, the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes have all broken out to new multi-year highs. Our bullish outlook (since early-November 2023) remains intact; expect higher prices ahead.</li>
<li>China (MSCI China) continues to lead the EM turnaround, and we remain bullish on the space. We highlight many large-cap EM buys within Communications, Technology, Discretionary; we remain bullish miners.</li>
</ul>


Since mid-April we discussed how downside was limited on MSCI ACWI and EURO STOXX 50, and May 2nd discussed it was "quite possible" the lows were in.
Now, the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes have all broken out to new multi-year highs. Our bullish outlook (since early-November 2023) remains intact; expect higher prices ahead.
China (MSCI China) continues to lead the EM turnaround, and we remain bullish on the space. We highlight many large-cap EM buys within Communications, Technology, Discretionary; we remain bullish miners.


Bullish Outlook Intact; EM and China Continue to Bottom; Buys in Comms, Tech, Discretionary, Miners

EURO STOXX 50 Price EUR / Technical Analysis

<ul>
<li>We continue to view the latest pullback as healthy and normal within the ongoing bull market on MSCI ACWI (ACWI-US) and the EURO STOXX 50, as discussed April 18</li>
<li>Discussed last Thursday(4/18/24) how further downside may be limited with these indexes 4-5% off their highs, combined with ACWI-US testing gap support ($105) and the EURO STOXX50 testing 6-month uptrend. </li>
<li>So far, these supports have held strong, and Japan's TOPIX has also held strong above 2615 support -- with all producing strong bounces far this week.</li>
</ul>


We continue to view the latest pullback as healthy and normal within the ongoing bull market on MSCI ACWI (ACWI-US) and the EURO STOXX 50, as discussed April 18
Discussed last Thursday(4/18/24) how further downside may be limited with these indexes 4-5% off their highs, combined with ACWI-US testing gap support ($105) and the EURO STOXX50 testing 6-month uptrend. 
So far, these supports have held strong, and Japan's TOPIX has also held strong above 2615 support -- with all producing strong bounces far this week.


Upgrading Europe to Overweight; Supports Holding on MSCI ACWI, ACWI Ex-US, EAFE, and EM

Korea Stock Exchange Kospi Index / Technical Analysis

Korea Stock Exchange Kospi Index (KOSPI INDEX)

<ul>
<li>Throughout 2024 we've discussed the theme of more global indexes/Sectors breaking out to new highs, the latest being the UK's FTSE 100, South Korea's KOSPI, and Norway's Oslo OBX.</li>
<li>This is classic bull market behavior. The long list of breakouts discussed throughout 2024 include the MSCI EM, ACWI, MSCI EAFE (in local currency), Israel, Germany, Sweden, France, and Ireland.</li>
<li>Another important thing to note is that none of these breakouts are failing; they all remain above their major breakout levels, a very bullish sign. We remain bullish.</li>
</ul>


Throughout 2024 we've discussed the theme of more global indexes/Sectors breaking out to new highs, the latest being the UK's FTSE 100, South Korea's KOSPI, and Norway's Oslo OBX.
This is classic bull market behavior. The long list of breakouts discussed throughout 2024 include the MSCI EM, ACWI, MSCI EAFE (in local currency), Israel, Germany, Sweden, France, and Ireland.
Another important thing to note is that none of these breakouts are failing; they all remain above their major breakout levels, a very bullish sign. We remain bullish.


More Countries Breaking Out; Bullish Outlook Intact; FTSE 100, KOSPI, and Oslo OBX Breaking Out

Belgium

S.A. D'Ieteren N.V. imports to and distributes European- and Asian-manufactured cars in Belgium.  The Company offers vehicle glass repair and replacement services in Europe, North and South America, Asia, Australia, and New Zealand.

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D'ieteren SA/NV (DIE BB)

Primer: D'ieteren SA/NV (DIE BB) - Aug 2026

D'ieteren Group operates a resilient, diversified business model centered on two market-leading pillars: Belron, the global leader in vehicle...

αSK Primers

What's News in Amsterdam - 11 September (Heineken | Shell | Basic-Fit | PostNL | D'Ieteren)

In this edition: • Heineken | seeks majority control of Dutch hard-seltzer leader Stelz • Shell | two transactions to optimize US power...

The IDEA!

Bullish Outlook Intact; EM and China Continue to Bottom; Buys in Comms, Tech, Discretionary, Miners

Bullish Outlook Intact $ACWI; EM and China Continue to Lead; U.S. Dollar (DXY), WTI Crude Oil, and Gasoline Prices Rolling Over; Buys in: Comms,...

Vermilion Research

Upgrading Europe to Overweight; Supports Holding on MSCI ACWI, ACWI Ex-US, EAFE, and EM

Upgrading Europe to Overweight EURO $STOXX 50 $FEZ; Supports Holding on MSCI $ACWI, $ACWX, $EFA, and $EEM. Latest 4-6% pullback remains healthy...

Vermilion Research

More Countries Breaking Out; Bullish Outlook Intact; FTSE 100, KOSPI, and Oslo OBX Breaking Out

Bullish Outlook Intact; More Countries Breaking Out, including UK's FTSE 100, South Korea's KOSPI, and Norway's Oslo OBX; Buys in global...

Vermilion Research

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