Bekaert slips as mid-term update leaves near-term outlook clouded

NV Bekaert SA

07/12/2023 09:49

** Shares in Bekaert  BEKB.BR  slip 2.7% after the Belgian
steel wire maker updated its mid-term targets but gave no new
indications on near-term performance
    ** The company said ahead of its Capital Markets Day event
that it targets mid-term sales growth of 5% and an underlying
EBIT margin of 10% in 2026
    ** 2023 outlook remains unchanged with no update to current
trading
    ** ING says investors were likely expecting a near-term
guidance, noting 2025 consensus already calls for a 5% sales
CAGR from 2023 base, with an EBIT margin of 9.1%
    ** Investors "might be reluctant to price in Bekaert's
mid-term ambitions given uncertainty on the near-term
trajectory," ING adds

 (Reporting by Stéphanie Hamel)
 ((Stephanie.hamel@thomsonreuters.com))