BEKAERT NV |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 46.82 EUR | +1.56% |
|
+0.56% | +0.64% |
| Mar. 01 | Bekaert: buoyant after annual results | CF |
| Mar. 01 | Transcript : NV Bekaert SA, 2023 Earnings Call, Mar 01, 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 | 2,445 | - | - |
| Enterprise Value (EV) 1 | 2,490 | 2,156 | 2,675 | 2,416 | 2,646 | 2,615 | 2,561 | 2,357 |
| P/E ratio | 36.3 x | 11.4 x | 5.48 x | 7.65 x | 9.86 x | 8.94 x | 8.24 x | 7.37 x |
| Yield | 2.64% | 3.68% | 3.83% | 4.55% | - | 3.99% | 4.26% | 4.77% |
| Capitalization / Revenue | 0.35 x | 0.41 x | 0.46 x | 0.34 x | 0.61 x | 0.57 x | 0.54 x | 0.51 x |
| EV / Revenue | 0.58 x | 0.57 x | 0.55 x | 0.43 x | 0.61 x | 0.6 x | 0.57 x | 0.5 x |
| EV / EBITDA | 5.32 x | 4.5 x | 3.88 x | 3.69 x | 4.72 x | 4.52 x | 4.13 x | 3.55 x |
| EV / FCF | 5.79 x | 5.39 x | 10.1 x | 13.9 x | - | 11.8 x | 12.4 x | 8.6 x |
| FCF Yield | 17.3% | 18.6% | 9.9% | 7.17% | - | 8.48% | 8.05% | 11.6% |
| Price to Book | 1.04 x | 1.21 x | 1.13 x | 1.02 x | - | 1.09 x | 1.01 x | 0.93 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 | 46.82 | 46.82 | 46.82 |
| 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 | 4,324 | 4,504 | 4,747 |
| EBITDA 1 | 468 | 479 | 689 | 654 | 561.1 | 578.9 | 620.2 | 663.2 |
| EBIT 1 | 242 | 272 | 514.6 | 458.6 | 388.3 | 391.5 | 424 | 468.2 |
| Operating Margin | 5.6% | 7.21% | 10.63% | 8.11% | 8.97% | 9.05% | 9.41% | 9.86% |
| Earnings before Tax (EBT) 1 | 70.32 | 170 | 476.3 | - | 268.4 | 349.4 | 384.4 | 426 |
| Net income 1 | 41.33 | 135 | 407 | 268.9 | 252.9 | 275.5 | 299 | 334.3 |
| Net margin | 0.96% | 3.58% | 8.41% | 4.76% | 5.84% | 6.37% | 6.64% | 7.04% |
| EPS 2 | 0.7300 | 2.380 | 7.140 | 4.740 | 4.720 | 5.235 | 5.685 | 6.357 |
| Free Cash Flow 1 | 429.8 | 400.4 | 264.8 | 173.2 | - | 221.7 | 206.2 | 274 |
| FCF margin | 9.94% | 10.62% | 5.47% | 3.07% | - | 5.13% | 4.58% | 5.77% |
| FCF Conversion (EBITDA) | 91.84% | 83.6% | 38.43% | 26.49% | - | 38.29% | 33.24% | 41.31% |
| FCF Conversion (Net income) | 1,040% | 296.63% | 65.05% | 64.43% | - | 80.47% | 68.96% | 81.95% |
| Dividend per Share 2 | 0.7000 | 1.000 | 1.500 | 1.650 | - | 1.870 | 1.995 | 2.233 |
| 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 | - | 170 | 116 | - |
| Net Cash position 1 | - | - | - | - | - | - | - | 87.9 |
| Leverage (Debt/EBITDA) | 2.12 x | 1.293 x | 0.6299 x | 0.7693 x | - | 0.2939 x | 0.187 x | - |
| Free Cash Flow 1 | 430 | 400 | 265 | 173 | - | 222 | 206 | 274 |
| ROE (net income / shareholders' equity) | 4.6% | 10.1% | 23.8% | 13.2% | - | 12.5% | 12.5% | 12.7% |
| ROA (Net income/ Total Assets) | - | - | - | - | - | - | - | - |
| Assets 1 | - | - | - | - | - | - | - | - |
| Book Value Per Share 2 | 25.40 | 22.40 | 34.60 | 35.50 | - | 42.80 | 46.40 | 50.50 |
| Cash Flow per Share 2 | 9.270 | 7.870 | 6.670 | 6.010 | - | 7.840 | 8.210 | 8.870 |
| Capex 1 | 98.9 | 108 | 120 | 167 | - | 238 | 239 | 226 |
| Capex / Sales | 2.29% | 2.86% | 2.48% | 2.96% | - | 5.51% | 5.31% | 4.76% |
| 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
46.82
EUR
Average target price
53.88
EUR
Spread / Average Target
+15.07%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| +0.64% | 2.61B | |
| +0.70% | 25.86B | |
| +19.56% | 21.28B | |
| -9.07% | 11.73B | |
| +24.56% | 11.2B | |
| +11.54% | 10.91B | |
| +10.96% | 10.15B | |
| +2.61% | 8.56B | |
| +5.78% | 7.32B | |
| +22.56% | 6.92B |
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- Financials Bekaert NV
