Stern's 2020 financial and operational restructuring has placed it in a good position to cope with the uncertain car market in 2021. Opportunities to create further shareholder value range from M&A to high dividend pay-outs. We are increasing our EPS forecasts by 10.5% and 9.9% in 2021 and 2022 respectively, driven by the restructured organisation, digitisation efforts and an improving market environment. The valuation is undemanding, at 6.7x 2022e P/E.Den vollständigen Artikel lesen ...