NV Bekaert SA (BEKAY) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of NV Bekaert SA $3.38, price $4.50, upside -24.9%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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NV Bekaert SA provides steel wire transformation and coating technologies worldwide. The company operates through four segments: Rubber Reinforcement, Steel Wire Solutions, Specialty Businesses, and Bridon-Bekaert Ropes Group.
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NV Bekaert SA provides steel wire transformation and coating technologies worldwide. The company operates through four segments: Rubber Reinforcement, Steel Wire Solutions, Specialty Businesses, and Bridon-Bekaert Ropes Group. The Rubber Reinforcement Business segment develops, manufactures, and supplies steel cord and bead wire reinforcement solutions for the tire sector. The Steel Wire Solutions Business segment develops, manufactures, and supplies a range of steel wire products and solutions for sectors, including energy and utilities, mining, construction, agriculture, automotive, and consumer goods. The Specialty Business segment develops and manufactures reinforce concrete, masonry, plaster, and asphalt; reinforcement solutions for hoses and belts; fiber technologies, heating technologies, ultrafine wire, and hydrogen for energy transition markets. The Bridon-Bekaert Ropes Group segment offers steel and synthetic ropes for mission-critical lifting, hoisting, and mooring; and underground mining, offshore and onshore energy, crane and industrial, fishing and marine, as well as lifting solutions for elevators offering compacted, sheave-friendly steel ropes designed for high traction, low elongation, and bending-fatigue life in both conventional and machine-room-less systems. It offers its products under the Currento, Dramix, Bridon, and Bexco brands. NV Bekaert SA was founded in 1880 and is based in Zwevegem, Belgium.
Stock analysis
NV Bekaert SA ADR (BEKAY) currently trades at $4.50, while our model-based Fair Value estimate is $3.38, 24.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $9.52 per share, and 15 of the 24 models we run sit above the $4.50 price.
Bear case: the Earnings-Based group reads lowest at $1.66, and 9 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: $3.38 (bear) to $4.01 (bull), the price of $4.50 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality), in the Industrials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
NV Bekaert SA ADR reported revenue of €3.6B in FY2025 versus €4.8B in FY2021, a compound −7.4%/yr. Reported net income was €64.7M in FY2025, compounding −36.7%/yr from FY2021.
Key figures
Market cap $2.4B · P/E ratio 30.0 · P/S ratio 0.55 · EPS (TTM) $0.1500 · Dividend yield 4.6% · Net margin 1.8% · Return on equity 2.9% · Return on assets (EBIT) 7.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 8% above its 52-week low.
For context, the median of 10 Industrials peers we cover trades at −57% fair-value upside, at −25%, BEKAY screens cheaper than that median.
Fair Value models
Bear $3.38Fair Value $3.38Bull $4.01
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−10.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−10.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.2%
Start year 2020 (pandemic). Over 10 years: −0.3% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−38.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−42.9%
Dividend (yield on the price)4.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−42.9% vs −23.3%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.7% → 8%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+32.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +29.6% a year for the price and +0.3% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Metal Fabrication · 252 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside−0.3% · Above median
Profitability
Return on equity (TTM)2.9% · Below median
Return on assets4.7% · Above median
Net margin (TTM)1.8% · Below median
Operating margin (TTM)7.0% · Above median
Growth and dividend
Revenue growth−7.6% · Bottom 25%
Dividend yield (TTM)4.6% · Top 25%
Balance sheet
Debt / equity0.15× · Above median
Valuation Multiplesvs Metal Fabrication median · lower = cheaper
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Cite: Fair Value Calculator (2026). "NV Bekaert SA ADR Fair Value". https://www.fairvalue-calculator.com/stock/BEKAY
Frequently asked questions
Is NV Bekaert SA (BEKAY) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $3.38 versus the last price from Sep 25, 2026 of $4.50, about −25% upside (overvalued).
What is the fair value of BEKAY?
Our model-based fair value for NV Bekaert SA ADR is $3.38 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $4.50.
What is the quality score of BEKAY?
NV Bekaert SA ADR has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for NV Bekaert SA (BEKAY)?
Our model-based price target is the fair value of $3.38 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario $3.38, optimistic scenario $4.01. It is a calculation from audited fundamentals, not an analyst target.
What is the NV Bekaert SA ADR stock forecast for 2026?
Our models put fair value at $3.38, about −25% upside versus the last price from Sep 25, 2026 of $4.50 (overvalued). Cautious scenario $3.38, optimistic scenario $4.01. The calculation is refreshed regularly with new filings.
What is the revenue of NV Bekaert SA (BEKAY)?
NV Bekaert SA ADR reported trailing-twelve-month revenue of about €3.7B (latest available figure, as of Sep 24, 2026).
Does NV Bekaert SA ADR pay a dividend?
NV Bekaert SA ADR currently shows a dividend yield of about 4.58% relative to its recent price (as of Sep 24, 2026).
What growth is priced into NV Bekaert SA (BEKAY)?
For today's price to be fair in a discounted-cash-flow model, NV Bekaert SA ADR would have to grow free cash flow by +32.4 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of BEKAY use?
Our models discount NV Bekaert SA ADR at 10.1 %: a base by market capitalisation (mid), damped by beta 1.16, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For NV Bekaert SA ADR that is +32.4 % per year a year over ten years, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has NV Bekaert SA (BEKAY) delivered so far?
Over the past 5 years revenue at NV Bekaert SA ADR grew -1.2 % a year. The price currently implies +32.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of NV Bekaert SA (BEKAY) growing?
The median revenue growth in the sector is +7.2 % a year. That is the yardstick for the growth priced into NV Bekaert SA ADR (+32.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of NV Bekaert SA (BEKAY)?
The free-cash-flow yield on the price is 1.63 %: that much free cash flow NV Bekaert SA ADR produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NV Bekaert SA (BEKAY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NV Bekaert SA ADR it is $3.38 per share (as of Sep 24, 2026), against a price of $4.50. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is NV Bekaert SA ADR stock overvalued or undervalued in 2026?
As of Sep 24, 2026, BEKAY trades above its calculated fair value: price $4.50, fair value $3.38, a gap of about −25% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BEKAY?
No. The price is what the market pays today ($4.50); the fair value is what the company's own numbers justify ($3.38). For NV Bekaert SA ADR the two are $1.12 per share apart. That gap is exactly why we show both numbers side by side.
How much is NV Bekaert SA ADR worth?
The market values NV Bekaert SA ADR at about $2.4B (market capitalisation, as of Sep 24, 2026). Per share that is $4.50; our models calculate a fair value of $3.38 per share.
What do the bullish and bearish scenarios say about BEKAY?
Our models span a range for NV Bekaert SA ADR: cautious scenario $3.38, base $3.38, optimistic $4.01 per share (as of Sep 24, 2026, price $4.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BEKAY?
NV Bekaert SA ADR trades at a price-to-earnings ratio of 30.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $3.38 is built from several models across several years. Other multiples: P/B 1.0, P/S 0.6, EV/EBITDA 4.4.
How solid is the balance sheet of NV Bekaert SA (BEKAY)?
Balance-sheet figures for NV Bekaert SA ADR (as of Sep 24, 2026): return on equity 2.9%, debt of 0.15 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is BEKAY from its 52-week high?
NV Bekaert SA ADR trades at $4.50, about 9% below its 52-week high of $4.94 and 8% above the low of $4.17 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $3.38 is for.
Which stocks are comparable to NV Bekaert SA ADR?
From the same area (Industrials) we also value ATI Inc, Carpenter Technology Corporation, Mueller Industries, Inc, Bharat Forge Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is NV Bekaert SA ADR stock attractive at the current price?
The data as of Sep 24, 2026: price $4.50, calculated fair value $3.38 (−25%), Quality Score 46/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BEKAY calculated?
We run NV Bekaert SA ADR through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $3.38, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. NV Bekaert SA ADR itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of NV Bekaert SA (BEKAY)?
The latest price we hold is from Sep 25, 2026 and stands at $4.50. Our model-based fair value is $3.38, about −25% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NV Bekaert SA ADR right now?
The price sits above even our optimistic bull case ($4.01). The favourable scenario is already priced in. Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of NV Bekaert SA (BEKAY) come from?
Earnings per share at NV Bekaert SA ADR grew −6.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share −12.1 %, EBIT margin +1.3 %, tax rate +1.2 %, residual (interest, one-offs) +3.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of NV Bekaert SA ADR
How large is the market capitalisation of NV Bekaert SA (BEKAY)?
The market capitalisation of NV Bekaert SA ADR is $2.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of NV Bekaert SA (BEKAY)?
The price-to-sales ratio of NV Bekaert SA ADR is 0.55 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of NV Bekaert SA (BEKAY)?
Earnings per share at NV Bekaert SA ADR are $0.1500 (price ÷ EPS = P/E 30.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NV Bekaert SA (BEKAY)?
The dividend yield of NV Bekaert SA ADR is 4.6% (payout 137%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of NV Bekaert SA (BEKAY)?
The net margin of NV Bekaert SA ADR is 1.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of NV Bekaert SA (BEKAY)?
The return on equity (ROE) of NV Bekaert SA ADR is 2.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of NV Bekaert SA (BEKAY)?
On an EBIT basis the return on assets of NV Bekaert SA ADR is 7.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of NV Bekaert SA (BEKAY)?
The operating margin of NV Bekaert SA ADR is 7.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NV Bekaert SA (BEKAY)?
Revenue at NV Bekaert SA ADR is growing −7.6% versus a year earlier (3y avg −10.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at NV Bekaert SA (BEKAY)?
Earnings per share at NV Bekaert SA ADR are growing −43.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does NV Bekaert SA (BEKAY) carry?
The net debt of NV Bekaert SA ADR is €190M (fiscal year 2025, ≈ 0.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 24, 2026