Bekaert Resilient 1H underlying EBIT, beating consensus by 8%
Bekaert reported a solid uEBIT beating our and CSS forecasts by respectively 15% and 8%, on the back of strong pricing. Despite the uncertain macro outlook, we acknowledge the impressive track record of Bekaert's current management team, with significant progress made on efficiency improvement and portfolio upgrade efforts, which have resulted in an accelerated FCF generation and much strengthened balance sheet, which in turn creates room for M&A and/or share buybacks. Based on the attractive valuation, we maintain our Accumulate 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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