Bekaert FIRST LOOK: 3Q sales -1% LFL, FY EBIT margin guidance adjusted to c.8%
3Q revenue declined by 1% on a like for like basis and came in slightly below our and consensus figures, whilst volumes were up 3%. Bekaert adjusted FY25 uEBIT margin guidance from an 8.0-8.5% range to around 8.0%, which compares to our and consensus forecasts of respectively 8.4% and 8.3%. Whilst the current momentum gives not much to cheer about, we continue to believe valuation is absolutely undemanding at a P/E26e of c. 7% and double digits free cash flow yields, which allow Bekaert to continue with its € 200m share buyback program (of which a new € 25m tranche is being launched today). We 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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