Bekaert FIRST LOOK: CMD - new mid term uEBIT margin target of >10%
Under the helm of its new CEO Yves Kerstens, Bekaert announced its new mid term ambitions and it will hold a CMD today. Bekaert now targets a 2026 underlying EBIT margin of more than 10% which compares to the previous mid term target range of 9-11% and our 2026 forecast of 9.3%. Bekaert has in the past few years worked hard to improve its product mix and has already reaped some benefits from that, while further upside exists. The solid balance sheet and strong cash flow generation allow for increased shareholder returns with a second € 120m share buyback program in execution. On the back of the strategic progress and the attractive valuation, with double digit FCF yields, we maintain our BUY rating and € 47 target price.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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