Bekaert FIRST LOOK: Resilient 1Q sales down 2%, comfortable with FY consensus
Bekaert's 1Q sales dropped by 2% excl scope changes to 1194m which was c. 6% better than our forecast and 5% above consensus. The company does not give a precise FY guidance but stated that the challenging and competitive environment is expected to persist across most businesses. Bekaert's valuation is clearly attractive, with double digit FCF yields, while the strong balance sheet allows Bekaert to buy back own shares with a second € 120m share buyback program in execution of which a second €30m tranche is now starting. 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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