Bekaert FIRST LOOK: 5% FY uEBIT beat, FY24 margin guidance above CSS
Bekaert delivered a solid FY23 performance with uEBIT c 5% better than our and CSS forecasts with uEBIT margin above guidance (9% vs the 8.5-8.7% guidance range). Bekaert guides for at least stable uEBIT margins in FY24 which is above our and consensus forecasts (of respectively 8.7% and 8.8%). Despite a very strong balance sheet, Bekaert will refrain from further share buybacks in the short term to prioritize growth investments. Bekaert has made solid progress with efficiency improvements, portfolio pruning and improving pricing discipline in the past few years. We will up our forecasts and with valuation still undemanding, we maintain our BUY rating.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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