We have lowered our FY24 top line growth from -5% to -8% on the back of lower wire rod prices and ongoing challenging trading conditions. REBIT margin improvement yoy is still achievable though. Valuation multiples are way too low, given that Bekaert is going through a successful transformation, leading to structurally higher margins and returns. We reiterate our Buy, but lower our TP from EUR 63 to EUR 57 based on our 2025E SOTP with an overall target EV/EBIT of 8x.
