Bekaert : Underestimated and undervalued
>Summary – rating reiterated, price target to €65 (was €56) - We reiterate our Outperform rating and set our price target at €65 (was €56). Bekaert’s margin profile has clearly changed. Even if we adjust for inventory revaluations and assume some reversal of the 2021 market share gains, the underlying EBIT margin is still set to exceed 10% (medium term target 9-11%). With Bekaert continuing to optimise production footprint in all divisions while adding digital service...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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