Bekaert : Recession incorporated
>Downgrade to Neutral, TP to €44.5 - We are downgrading Bekaert from Outperform to Neutral, TP from €61 to €44.5 per share. As with the other industrials in our Benelux coverage, we have incorporated a recession from 3/4Q22 to 3/4Q23 which impacts the more cyclical activities of Bekaert (close to 50% of revenues. We leave our 2022 estimates mostly unchanged but lower our 2023 and 2024 sales and EBITu estimates by 7% and 3% and 19% and 9%. We are now more or less in li...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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