BEKAERT NV |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 43.24 EUR | -0.37% |
|
-0.69% | -7.05% |
| May. 22 | Q1 2024 : Some misses, some beats, a few surprises and broadly lofty valuations |  |
| May. 08 | Transcript : NV Bekaert SA, Q1 2024 Sales/ Trading Statement Call, May 08, 2024 |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,498 | 1,537 | 2,241 | 1,913 | 2,646 | 2,258 | - | - |
| Enterprise Value (EV) 1 | 2,490 | 2,156 | 2,675 | 2,416 | 2,646 | 2,453 | 2,374 | 2,206 |
| P/E ratio | 36.3 x | 11.4 x | 5.48 x | 7.65 x | 9.86 x | 8.18 x | 7.56 x | 6.94 x |
| Yield | 2.64% | 3.68% | 3.83% | 4.55% | - | 4.5% | 4.85% | 5.15% |
| Capitalization / Revenue | 0.35 x | 0.41 x | 0.46 x | 0.34 x | 0.61 x | 0.53 x | 0.51 x | 0.49 x |
| EV / Revenue | 0.58 x | 0.57 x | 0.55 x | 0.43 x | 0.61 x | 0.57 x | 0.53 x | 0.48 x |
| EV / EBITDA | 5.32 x | 4.5 x | 3.88 x | 3.69 x | 4.72 x | 4.27 x | 3.88 x | 3.35 x |
| EV / FCF | 5.79 x | 5.39 x | 10.1 x | 13.9 x | - | 11.5 x | 10.5 x | 8.05 x |
| FCF Yield | 17.3% | 18.6% | 9.9% | 7.17% | - | 8.7% | 9.48% | 12.4% |
| Price to Book | 1.04 x | 1.21 x | 1.13 x | 1.02 x | - | 1.02 x | 0.94 x | 0.87 x |
| Nbr of stocks (in thousands) | 56,520 | 56,599 | 57,260 | 52,730 | 56,889 | 52,212 | - | - |
| Reference price 2 | 26.50 | 27.16 | 39.14 | 36.28 | 46.52 | 43.24 | 43.24 | 43.24 |
| Announcement Date | 3/4/20 | 3/3/21 | 2/25/22 | 3/1/23 | 3/1/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 4,322 | 3,772 | 4,840 | 5,652 | 4,328 | 4,272 | 4,447 | 4,638 |
| EBITDA 1 | 468 | 479 | 689 | 654 | 561.1 | 574.2 | 612.3 | 657.7 |
| EBIT 1 | 242 | 272 | 514.6 | 458.6 | 388.3 | 389.7 | 422.2 | 460.3 |
| Operating Margin | 5.6% | 7.21% | 10.63% | 8.11% | 8.97% | 9.12% | 9.49% | 9.93% |
| Earnings before Tax (EBT) 1 | 70.32 | 170 | 476.3 | - | 268.4 | 344.4 | 389.7 | 439.6 |
| Net income 1 | 41.33 | 135 | 407 | 268.9 | 252.9 | 280.5 | 299.6 | 325.8 |
| Net margin | 0.96% | 3.58% | 8.41% | 4.76% | 5.84% | 6.57% | 6.74% | 7.02% |
| EPS 2 | 0.7300 | 2.380 | 7.140 | 4.740 | 4.720 | 5.285 | 5.718 | 6.232 |
| Free Cash Flow 1 | 429.8 | 400.4 | 264.8 | 173.2 | - | 213.5 | 225 | 274 |
| FCF margin | 9.94% | 10.62% | 5.47% | 3.07% | - | 5% | 5.06% | 5.91% |
| FCF Conversion (EBITDA) | 91.84% | 83.6% | 38.43% | 26.49% | - | 37.18% | 36.74% | 41.65% |
| FCF Conversion (Net income) | 1,040% | 296.63% | 65.05% | 64.43% | - | 76.1% | 75.11% | 84.09% |
| Dividend per Share 2 | 0.7000 | 1.000 | 1.500 | 1.650 | - | 1.945 | 2.095 | 2.225 |
| Announcement Date | 3/4/20 | 3/3/21 | 2/25/22 | 3/1/23 | 3/1/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2019 S2 | 2020 S1 | 2020 S2 | 2021 S1 | 2021 Q3 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,104 | 1,770 | 2,002 | 2,306 | 1,253 | 2,534 | 2,859 | 2,793 | 2,318 | 2,010 |
| EBITDA | 230 | 194 | 285 | - | - | 312 | 381 | 273 | - | - |
| EBIT | 116 | 92 | 181 | 285 | - | 229 | 283 | 176 | - | - |
| Operating Margin | 5.51% | 5.2% | 9.04% | 12.36% | - | 9.04% | 9.9% | 6.3% | - | - |
| Earnings before Tax (EBT) | -10.29 | 43.91 | - | - | - | - | - | - | - | - |
| Net income | -16.67 | 33.35 | - | 208.1 | - | - | - | - | - | - |
| Net margin | -0.79% | 1.88% | - | 9.02% | - | - | - | - | - | - |
| EPS | - | - | - | - | - | - | - | - | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 3/4/20 | 7/31/20 | 3/3/21 | 7/30/21 | 11/19/21 | 2/25/22 | 7/29/22 | 3/1/23 | 7/28/23 | 3/1/24 |
1EUR in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 992 | 619 | 434 | 503 | - | 195 | 116 | - |
| Net Cash position 1 | - | - | - | - | - | - | - | 51.3 |
| Leverage (Debt/EBITDA) | 2.12 x | 1.293 x | 0.6299 x | 0.7693 x | - | 0.3403 x | 0.1896 x | - |
| Free Cash Flow 1 | 430 | 400 | 265 | 173 | - | 213 | 225 | 274 |
| ROE (net income / shareholders' equity) | 4.6% | 10.1% | 23.8% | 13.2% | - | 12.4% | 12.4% | 13.3% |
| ROA (Net income/ Total Assets) | - | - | - | - | - | - | - | - |
| Assets 1 | - | - | - | - | - | - | - | - |
| Book Value Per Share 2 | 25.40 | 22.40 | 34.60 | 35.50 | - | 42.40 | 45.90 | 49.80 |
| Cash Flow per Share 2 | 9.270 | 7.870 | 6.670 | 6.010 | - | 7.760 | 8.290 | 8.860 |
| Capex 1 | 98.9 | 108 | 120 | 167 | - | 240 | 241 | 226 |
| Capex / Sales | 2.29% | 2.86% | 2.48% | 2.96% | - | 5.62% | 5.42% | 4.87% |
| Announcement Date | 3/4/20 | 3/3/21 | 2/25/22 | 3/1/23 | 3/1/24 | - | - | - |
1EUR in Million2EUR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
4
Last Close Price
43.24
EUR
Average target price
53.62
EUR
Spread / Average Target
+24.02%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -7.05% | 2.45B | |
| +3.45% | 25.69B | |
| +16.36% | 20.68B | |
| +41.51% | 12.35B | |
| -12.04% | 11.14B | |
| +7.48% | 10.52B | |
| +5.48% | 9.66B | |
| +30.70% | 8.68B | |
| +1.67% | 8.48B | |
| +40.84% | 7.83B |
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