Bekaert : Staying on the side lines (no material positive catalysts)
>Reiterating our Neutral rating, TP unchanged - Bekaert is doing the sensible thing. Focus on margins, restructure where possible, make small or medium sized acquisitions (planned) and give new products sufficient funding and management attention so that they have a good chance of generating a material revenue stream with a robust margins. We assume solid growth and margins for Dramix and Currento (and potentially Armofor), the key growth drivers and the true sustaina...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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