N.V. Bekaert S.A. (BEKB.BR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+23.7%

€49.67

vs €40.15 price

Levered DCF

€40.56

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.61

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	28.5×	7.34×	9.79×	7.59×	5.52×	11.41×	36.3×	33.97×
P/B	0.93×	0.78×	1.18×	0.97×	1.13×	1.06×	1.04×	0.97×
P/S	0.52×	0.44×	0.58×	0.41×	0.46×	0.41×	0.35×	0.31×
EV / EBITDA	7.25×	4.6×	5.66×	5.04×	3.9×	5.31×	6.92×	7.53×
Gross margin	16.0%	16.6%	16.3%	16.0%	18.6%	16.2%	13.5%	13.6%
Operating margin	7.8%	7.5%	7.7%	6.3%	10.6%	6.8%	5.0%	4.9%
Net margin	1.8%	6.0%	5.9%	5.4%	8.3%	3.6%	1.0%	0.9%
Current ratio	1.62×	1.72×	1.91×	1.66×	1.76×	1.55×	1.61×	1.18×
Debt / equity	0.35×	0.36×	0.43×	0.59×	0.61×	1.11×	1.12×	1.17×
Interest coverage	8.98×	8.07×	8.2×	8.87×	11.24×	4.33×	3.18×	2.42×
Dividend yield	5.2%	5.4%	3.6%	4.2%	2.5%	1.3%	2.6%	4.6%
Payout ratio	147.7%	39.4%	34.8%	32.2%	14.1%	14.7%	95.7%	156.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.3%	10.6%	12.1%	12.8%	20.5%	9.3%	2.9%	2.8%
Return on invested capital	5.2%	6.9%	8.4%	6.8%	11.4%	5.5%	1.7%	0.3%
Return on assets	1.8%	5.7%	6.2%	5.5%	8.3%	3.1%	0.9%	0.9%
Free cash flow yield	17.9%	8.7%	10.0%	9.3%	9.9%	24.9%	25.6%	4.6%
Earnings yield	3.5%	13.6%	10.2%	13.2%	18.1%	8.8%	2.8%	2.9%
Enterprise value	€2.1B	€2.1B	€2.8B	€2.5B	€2.7B	€2.2B	€2.5B	€2.6B
Net debt / EBITDA	0.65×	0.67×	0.55×	1×	0.73×	1.61×	2.84×	3.59×
Cash conversion cycle (days)	78	87	76	84	77	74	82	98