• H1-23 REBIT exceeded our estimate by 19% and consensus by 12%.• Bekaert remains confident to continue to deliver and repeats its medium-term target (e.g. REBIT margin 9-11%). • This confirms our positive stance as outlined in our in-depth report called 'Transformation should lead to higher valuation'. We reiterate our Buy and TP of EUR 52, based on our 2024E with a target EV/REBIT of 8.0x.
