• Q1-23 revenues exceeded our and consensus estimates by 4-5%. Most divisions outperformed, except for Specialty products.• Bekaert is confident to deliver on its expectations, reiterating its medium-term targets (e.g. REBIT 9-11%). We expect to slightly lift our REBIT estimates.• This trading update confirms our positive stance as described in our recent report 'Transformation should translate in higher valuation'. We reiterate our Buy rating and our TP of EUR 52.
