Bekaert : Still undervalued but EBITu margin improvements slow
>Underlying EBIT margins still improving but slower - We retain our positive stance on Bekaert although we lower our price target from €66.5 to €61 per share which is now based on a mix of DCF and SOTP versus DCF only previously. We have become more cautious about 2022-2024 EBITu margins although we raise our estimate for 2022 in absolute terms. The lower 2022-2024 EBIT margin is not the effect of the 1Q22 trading update but rather an overall reflection of where we th...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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