Bekaert edges up as share buyback sweetens bitter Q3 performance

NV Bekaert SA

22/11/2024 08:42

** Shares in Belgian steel wire maker Bekaert  BEKB.BR  rise
about 3%, boosted by a new share buyback programme that offsets
the hit from weak Q3 sales and FY guidance cut
    ** With fewer acquisitions than expected YTD, Bekaert
decides to restart share buyback immediately and purchase up to
200 mln euros ($209.6 mln) worth of shares
    ** "Despite the reduced FY guidance which will prompt a
revision of our forecasts, we welcome the SBB program ...
Bekaert's valuation is very compelling and we clearly see the
value of restarting the share buybacks," KBC Securities says
    ** Bekaert sees FY underlying EBIT of 340-350 mln euros,
which is below the 373 mln euro consensus cited by KBC
    ** Degroof Petercam adds Q3 revenue of 956 mln euros misses
its estimates and consensus, but adds the share buyback comes as
sweetener
    ($1 = 0.9542 euros)

(Reporting by Piotr Lipinski)
((piotr.lipinski@tr.com))