Bekaert - Delivering in a challenging environment
• H1-23 REBIT exceeded our estimate by 19% and consensus by 12%.• Bekaert remains confident to continue to deliver and repeats its medium-term target (e.g. REBIT margin 9-11%). • This confirms our positive stance as outlined in our in-depth report called 'Transformation should lead to higher valuation'. We reiterate our Buy and TP of EUR 52, based on our 2024E with a target EV/REBIT of 8.0x.Bekaert is a global technological and market company engaged in advanced solutions based in steel wire transformation and coatings as well as an independent manufacturer of drawn steel wire products. In addition, Co. teams up with customers and suppliers globally to develop, implement, upgrade, and protect both current and future technologies. Co.'s business activities are put in practice along two main axes: Product Innovation and Process Innovation. Product Innovation helps Co. better serve its customers, while Process innovation enables Co. to increase operational effectiveness, minimizing its impact on the environment.
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