Bekaert - Transformation on track
• FY23 results were slightly better than expected, despite the already detailed guidance given in November and at its CMD in December.• Trading started well in 2024 and FY24 guidance (modest sales growth, at least stable margins) means low-single digit EBIT upgrades. • This confirms our positive stance as outline in our recent in-depth report called 'Transformation means higher valuation'. We reiterate our Buy and TP of EUR 58, based on our 2025E SOTP with 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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