Bekaert FIRST LOOK: 1Q sales -3%, slightly lowering FY uEBIT margin guidance
Bekaert saw 1Q sales decline by 3% which was in line with consensus and 1% better than our forecast. Bekaert reiterated FY25 guidance calling for flat sales while it slightly lowered uEBIT margin guidance from ‘at least flat' to ‘stable', with our and consensus forecasts at respectively +0.3pp and +0.1pp. The gradually improving portfolio profile, very compelling valuation (EV/EBITDA25e of 3.9x) and ongoing support from the €200m share buyback 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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