Bekaert - Transformation means higher valuation
• Report 28p: Bekaert recently raised its medium-term growth target for top line (>5%) and EBIT margin (>10%) underlining its successful transformation. • 2024 looks to become a more flattish year though due to ongoing challenging macro-economic conditions and lower raw material prices.• Buy reiterated. We raise our TP from EUR 52 p/s to EUR 58 p/s by moving our SOTP to our 2025E estimates (was 2024E), based on 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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