Bekaert FIRST LOOK: 1H uEBIT -16%, FY uEBIT margin lowered by 30-80bps
1H uEBIT declined by 16% which was in line with our forecast and 4% below consensus. Bekaert lowered FY25 uEBIT margin guidance from flat (8.8%) to an 8.0-8.5% range and we reduced our FY25 uEBIT forecast by 6%. The gradually improving portfolio profile, compelling valuation (EV/EBITDA25E of c. 4x), solid FCF generation and ongoing support from the € 200m SBB program prompt us to maintain our BUY rating and € 55 TP.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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