In 2020, Stern restructured its balance sheet and further streamlined operations. This puts it in a good position to cope with the uncertain car market, as was evident in Q1. In 2021, a number of opportunities relating to the company's financial position, as well as its participation in Bovemij and M&A, could start to materialize. We expect profitability to increase in the next few years, driven by the restructured organisation, digitisation efforts, a focus on margin over volume and an improving market environment. The valuation is undemanding, at 7.0x 2022e P/E.Den vollständigen Artikel lesen ...