Bekaert - Soft start on revenues, still on track for full year
• Q1-24 revenues missed our estimates and consensus, primarily due to an underestimated effect from passing on lower raw materials prices. • Nevertheless, Bekaert reiterates its FY24 guidance of modest sales growth and at least stable margins. We will not materially change our estimates.• We stick to our positive stance as outlined in our recent in-depth report 'More proof points of successful transformation'. We reiterate our Buy and TP of EUR 63, based on 2025e SOTP with a 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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