Bekaert FIRST LOOK: FY22 in line, no precise guidance, new share buybacks
Bekaert's FY uEBIT dropped 10.5% to 459m (KBCS & CSS 460m). There is no precise guidance on FY23 but Bekaert reiterated its mid term ambition of 9-11% uEBIT margin and started another €120m share buyback program, reflecting the strong balance sheet. The support from buybacks and the attractive valuation prompt us to reiterate our BUY rating and € 47 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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