D'Ieteren: the market values Belron at ~11x EBITDA, but the €32bn number everyone quotes is weaker evidence than it looks
**TL;DR** - At €169, D'Ieteren's price implies Belron (Carglass/Safelite) is worth about 10–11x EBITDA. At 14x, D'Ieteren's 50.3% stake alone would be worth more than the whole share price. - The famous €32.2bn Belron valuation (Oct 2024) came from minority …