Bekaert - Raising the bar
At today's CMD Bekaert updated its medium-term targets which confirms our positive stance. The new 5% sales growth target and underlying EBIT margin of >10% for 2026 are at the higher end of our expectations. In our view its successful transformation should lead to a higher valuation. We therefore reiterate our Buy rating and TP of EUR 52, based on our 2024 SOTP.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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