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NV Bekaert SA (BEKB) Fair Value & Analysis

Industrials · BE · Market cap €1.9B

NB NV Bekaert SA BEKB · BR
Price€38.35
Fair Value€39.14
Upside+2.1%
Quality63/100
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Weak Growth
Thin margins · 2.2% net margin
Low debt · generates free cash flow
4.96% dividend yield
Ranks above peers (10/15)
Narrow moat 34/100
Evidence: High Range €29.34 – €48.92 Share as image

Fair value as of: Aug 6, 2026

From 24 valuation models · updated 4 days ago

Fair value updated Aug 6, 2026, revised from €29.08 to €39.14 (+34.6%) since Jul 14, 2026. Share price −2.8% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from €29.34 (bear) to €48.92 (bull), base €39.14. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 63/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

€43.62 €22.23 Fair Value €39.14 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 6, 2026.

How to read this chart

60‑month range €22.23 – €43.62 · fair‑value band €29.34 – €48.92 · the €38.35 price screens below the €39.14 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 6, 2026.

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Analysis

NV Bekaert SA (BEKB) currently trades at €38.35, while our model-based Fair Value estimate is €39.14, implying the stock looks roughly 2.1% fairly valued today. The Quality Score stands at 63/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, NV Bekaert SA generated revenue of €3.7B at a net margin of 1.8%. Revenue declined 7.6% year over year. It earns a return on equity of 2.9%. Net debt stands at €190M. Fundamentals as of Aug 6, 2026

Our scenario range runs from €29.34 (bear case) to €48.92 (bull case); at €38.35, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 12% below its 52-week high and 20% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -72% fair-value upside, at 2%, BEKB screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF €66.33 €81.83 €107.05 80
Residual Income €29.69 €28.90 €23.52 76
Rev-Margin DCF €45.91 €59.56 €77.47 74
All 24 models by family
DCF Models
FCF DCF €64.77 €81.01 €109.77 38
Owner Earnings €39.36 €48.74 €65.34 31
5Y Revenue Exit €45.91 €58.20 €76.26 39
5Y EBITDA Exit €72.89 €104.06 €145.68 41
5Y P/E Exit €41.29 €50.35 €61.55 38
10Y Revenue Exit €53.03 €64.33 €76.56 36
10Y EBITDA Exit €68.85 €92.00 €118.06 37
10Y P/E Exit €51.10 €59.60 €67.76 35
Earnings-Based
Graham-Dodd €9.50 €16.08 €19.61 54
EPV €20.59 €22.76 €24.57 59
Dividend Discount
Gordon GGM €16.03 €19.31 €22.49 70
DDM Multi-Stage €16.03 €20.41 €25.20 61
Multiples
P/E Multiple €21.99 €29.33 €36.66 63
P/S Multiple €17.80 €23.74 €29.67 58
P/B Multiple €17.80 €23.74 €29.67 55
EV/EBIT €45.68 €59.36 €73.03 53
EV/EBITDA €90.77 €119.47 €148.17 54
EV/Revenue €33.94 €46.49 €59.03 43
Asset-Based
NCAV (Graham) €21.38 €28.65 €42.75 50
Growth DCF
Growth DCF €66.33 €81.83 €107.05 80
Rev-Margin DCF €45.91 €59.56 €77.47 74
Economic Profit
Residual Income €29.69 €28.90 €23.52 76
ROIC Compounder €20.59 €22.76 €24.57 72
Growth Earnings
Growth-Adj P/E €15.53 €22.19 €28.84 68

Widest divergence: DCF Models (€59.60) versus Earnings-Based (€16.08). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €3.6B
Revenue growth (YoY) -4.6%
Net margin 2.2%
Return on equity 3.7%
Free cash flow €345M FY2025
P/E ratio 23.3
More key figures
Operating margin 8.3%
EPS (TTM) €1.66
Dividend yield 5.0%
EPS growth (YoY) +20.8%
Net debt €190M FY2025

Figures from reported company fundamentals · as of Aug 6, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 62 · Market factors (momentum, volatility) 46

Profitability 33
Margins and returns on capital today
Quality Growth 28
Are margins and returns improving?
Cashflow 65
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 97
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 47
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

NV Bekaert SA reported revenue of €3.7B in FY2025 versus €4.8B in FY2021, a compound −6.5%/yr. Reported net income was €67.4M in FY2025, compounding −36.1%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€3.7B
Latest YoY
−6.4%
Avg. growth/yr (3Y)
−9.5%
Avg. growth/yr (5Y)
−0.4%
Avg. growth/yr (23Y)
+3.0%
Revenue −6.5%/yr
FY21 €4.8B
FY22 €5.0B
FY23 €4.3B
FY24 €4.0B
FY25 €3.7B
Net income −36.1%/yr
FY21 €404M
FY22 €269M
FY23 €255M
FY24 €239M
FY25 €67.4M

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Cite: Fair Value Calculator (2026). "NV Bekaert SA Fair Value". https://www.fairvalue-calculator.com/stock/BEKB

Peer Group

Metal Fabrication · 243 stocks

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.

Quality Score 63 · Top 25%
Fair Value upside +2% · Above median
Return on equity (TTM) 4% · Below median
Return on assets 5% · Above median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 8% · Above median
Revenue growth -5% · Below median
Dividend yield (TTM) 5.0% · Top 25%
Debt / equity 0.15× · Higher than median

Valuation Multiples vs Metal Fabrication median · lower = cheaper

P/E (TTM) 23.3× · Cheaper than median
P/B 1.05× · Cheaper than median
P/S (TTM) 0.60× · Cheaper than median
P/FCF 6.3× · Pricier than median
EV/EBITDA 4.7× · Cheaper than 75% of peers
PEG 0.37× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 36 · sector 0
FUTURE 0 · sector 35
PAST 15 · sector 21
HEALTH 93 · sector 95
DIVIDEND 99 · sector 25

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

Is NV Bekaert SA (BEKB) overvalued or undervalued?
As of Aug 6, 2026, our model estimates a fair value of €39.14 versus a price of €38.35, about +2% (fairly valued).
What is the fair value of BEKB?
Our model-based fair value for NV Bekaert SA is €39.14 (as of Aug 6, 2026), built from audited fundamentals. The current price is €38.35.
What is the quality score of BEKB?
NV Bekaert SA has a Quality Score of 63/100. 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 revenue of NV Bekaert SA (BEKB)?
NV Bekaert SA reported trailing-twelve-month revenue of about €3.7B (latest available figure, as of Aug 6, 2026).
What is the net profit margin of BEKB?
The net profit margin of NV Bekaert SA is about 1.8%, meaning it keeps roughly 1.8% of revenue as net income. Based on the latest reported figures.
Does NV Bekaert SA pay a dividend?
NV Bekaert SA currently shows a dividend yield of about 4.82% relative to its recent price (as of Aug 6, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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