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Bekaert published Q3 23 revenues which missed street forecasts as the slump in volume came in worse-than-expected. Consolidated sales declined by 8% sequentially, when consensus was expecting a c. +5% rebound. Bekaert finally issued a quantitative FY23 guidance, calling for a 7% cut to our top line expectation. Our 8.6% underlying EBIT forecast met the freshly issued FY23 target. The first comments on the FY24 perspectives lacked optimism. We expect the 7 December CMD to be focused on growth dri
Companies: NV Bekaert (BEKB:EBR)Bekaert SA (BEKB:BRU)
AlphaValue
Bekaert reported FY22 results in line with the guidance, underlined by better-than-expected FCF generation stemming from well-managed WC. The return to shareholders looks attractive with a yield at 8.8% based on €90m of dividend payments and the unexpected €120m of buyback (again). Given the health of Bekaert’s balance sheet, this return could have been higher but external growth remains a priority. The FY23 performance will depend on the rebound of the Chinese market. “New Bekaert” appears to b
Bekaert’s Q3 trading update came in with a strong price effect, yet decreasing sequentially on tougher comps, and plunging volumes on par with the performance in H1 22. The company finally issued a guidance for FY22, topping our expectation on top-line growth but slightly falling short of our adjusted EBIT forecast. The company also confirmed its mid-term targets, which point to structural improvements and decreased cyclicality. 2023 is likely to be a good stress test.
Bekaert’s Q1 trading update was above expectations on the back of a huge price effect offsetting the weak volumes especially in China. Despite the split between price mix and pass-through pricing being unknown, this once again confirmed the company’s good pricing power coupled with the positive trend in the ongoing portfolio rotation. The initial comments on the FY22 outlook call for an increase in our top line and EBIT expectations. Chinese lockdowns remain the key uncertainty.
Bekaert reported a guidance-beating set of FY21 results on the back of revenue growth combining a +9% volume effect and a +19% price effect. Despite the seasonally lower profitability in H2 and cost headwinds, the company comfortably met its outlook, with underlying EBIT landing 50bps ahead of the AV estimate. The absence of guidance for FY22 reflects the high uncertainty on the market environment although the management has reiterated its mid-term outlook as a sign of confidence. A €120m buybac
Bekaert posted record H1 21 on every line. With a positive alignment of the volume rebound, skyrocketing raw material prices, and improving price/mix, the underlying EBIT margin landed at 12.4%. Management has started to weigh up M&A options to use the rapidly growing cash pile. Mid-term outlook was upgraded only two months after Bekaert’s CMD.
Having postponed the date from last March to give the new CEO time to settle in, Bekaert finally held its CMD with an expected upgrade to FY21 guidance, and a mid-term outlook in radical continuation of its current strategy. The main limitations remain the uncertainties about raw material headwinds which could lead to sticky margins on the worst-case scenario. Uncertainty also surrounds M&A targets and the magnitude of cost reductions, while the most recent track record calls for management effe
Bekaert posted strong results in every respect. Despite FY20 consolidated sales down by 13% yoy, profitability and cash generation came in at record levels (FY20: underlying EBITDA margin of 12%, FCF up by 8% yoy) and paved the way for a massive deleveraging (net debt down 40% yoy). The company’s new CEO shows confidence looking into 2021.
Q3 20 trading update: the top line was pushed by tyre demand while the margin outlook exceeded expectations. Consolidated sales recovered +24% qoq, while FX acted as a brake. Management resumed FY20 guidance, expecting the underlying EBIT margin to rise despite sales down yoy. As a result, the net debt/underlying EBITDA ratio should end the year below 2.0x.
Companies: Bekaert SA
Bekaert posted a 20.2% yoy revenue contraction, mainly affected by its 42.2% exposure to the tyre & automotive sector (-29.1% yoy) and 18.9% exposure to the Construction sector (-28.8% yoy). Limiting this contraction, the basic materials and energy & utilities sectors grew by 33.4% yoy and 10.6% yoy, respectively. This translated into a €87m EBIT (benefiting from lower overhead costs, temporary plant shutdowns, and an increased focus on higher margin activities). As of now, the company has not g
FY19 results show negligible revenue growth and double-digit growth in the underlying EBIT margin. Rubber Reinforcement, Speciality businesses, and BBRG have done well, while Steel Wire weighed. Additionally, the company achieved significant deleveraging. Bekaert aims to improve its profitability progressively during 2020-21 to achieve a 7% underlying EBIT margin.
The Q3 19 top-line growth remains decent However, the tyre business is seen as slowing in Q4 We will downgrade our forecasts for FY19 and going forward
H1 19 results show a decent level of growth with improved margins Rubber Reinforcement and BBRG have done quite well, while Steel Wire and Speciality Businesses weighed The outlook, albeit vague, suggests a slowdown in H2 We will fine-tune our numbers, with no big change to be expected though
- Q1 19 revenues sound, despite a favourable comparison basis - Steel wire market is still under pressure - Tyre and construction markets are doing well - No change to our numbers on the release
In a short trading update, Bekaert reported first nine months consolidated sales of €3,227m, up +5%, while organic growth was +10%, led by volumes (+3%) but mainly price increases and a favourable mix (+7%). In Q3, volume growth moderated to +1.4% yoy as strong demand from the automotive and construction markets were partly offset by weaker industrial steel wire markets, reflecting the impact of rising trade tensions in the global economy. The aggregate effect of passed-on wire rod price incre
Research Tree provides access to ongoing research coverage, media content and regulatory news on Bekaert SA. We currently have 0 research reports from 2 professional analysts.
NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat
Companies: NextSource Materials Inc
Capital Access Group
Falcon has raised gross proceeds of US$8.9m via a placing and subscription at a price of 6p/share and the granting of overriding royalty interests. The net proceeds, together with Falcon’s existing cash resources (cUS$4.3m) will be used to fund Falcon’s net share of 2024 capex (cUS$9m) associated with the 40MMscf/d Shenandoah South Pilot Project, including the drilling, stimulation, and flow testing of two 10,000ft horizontal wells. The funds will also enable Falcon to fund its share of the cost
Companies: Falcon Oil & Gas Ltd.
Cavendish
Beowulf is advancing a portfolio of projects in Europe focussed on metals and minerals that are critical to enabling the continent’s transition to a greener economy. Awareness of Europe’s over-reliance on external supply sources for such vital raw materials is driving growing political support for ‘home-grown’ projects. Beowulf is strategically positioned to leverage this fast-evolving trend – its Kallak project in Sweden holds potential to deliver high-quality iron ore to lower the carbon-inten
Companies: Beowulf Mining PLC
Alternative Resource Capital
Companies: FOG PHC FEN BBSN ELIX
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
• Multiple tests over multiple zones in multiple horizons were run at the Mopane-1X exploration well. The flows achieved during the well test reached the maximum allowed limits of 14 mboe/d. The flow rate was constrained by the size of the available surface facilities. • The AVO-1 horizon encountered at Mopane-1X and Mopane-2X are in the same pressure regime, suggesting that the entire area (8 km diameter) between the two wells is connected. Overall, in the Mopane complex alone, and before dril
Companies: SINTANA ENERGY
Auctus Advisors
Companies: Touchstone Exploration Inc
Shore Capital
Companies: Ferrexpo plc
Liberum
Companies: AURA OMI AAL KAV POW BMN EST SVML
SP Angel
Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August
Companies: Jubilee Metals Group PLC
WHIreland
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
Adriatic Metals has announced their transition from mining contractor to mining operator at Rupice. The transition is expected to continue to benefit the development and productivity rates being achieved at Rupice mine, as well as result in cost efficiencies and improved HSE standards. The company has also announced a short-term loan facility with Orion of $25m, that is drawable at the option of the company in Q3/4 this year.
Companies: Adriatic Metals Plc Shs Chess Deposit Interests Repr 1 Sh
Tamesis Partners
Alien today reports intraday that the Western Australian Government has granted a mining licence for the Hancock iron ore project for a 21-year term. The granting of the mining licence is the latest milestone delivered by Alien as it advances the project towards development and production.
Companies: Alien Metals Ltd
I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward
Companies: i3 Energy Plc
Zeus Capital
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