In 2020, Stern has taken the opportunity to restructure its balance sheet by impairing tax assets and goodwill, and accelerating its digital strategy. This places the company in a good position to weather the current storm and also to play an active part in European or local consolidation. We expect profitability to increase in the next years driven by the restructured organisation, a focus on margin over volume and an improving market environment. Downturns tend to be opportunities to invest in car dealerships, especially those that are likely to emerge stronger and, despite the remaining low visibility due to COVID-19, we believe that the valuation is undemanding, at 6.5x 2022e P/E.Den vollständigen Artikel lesen ...