Bekaert - More proof points of successful transformation
• The FY23 results and 2024 outlook were more encouraging than anticipated which are more proof points of its successful transformation. • At its recent CMD, Bekaert raised its 2026 growth target for top line (>5%) and EBIT margin (from >9% to >10%) underlining its confidence.• Buy reiterated. We raise our TP from EUR 58 to EUR 63, based on a 4-5% increase EBIT estimates and lower net debt. This TP is based on our 2025E SOTP with a still undemanding overall target EV/EBIT of 8x.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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