Q1-25 revenues were broadly in line with our and consensus expectationsBekaert guides its FY25 of flat sales and REBIT margins, despite ongoing challenging trading conditions. This is also in line with our and consensu. In our view valuation multiples are clearly too low given the successful transformation that Bekaert is going through. Buy and TP of EUR 50 reiterated, based on our 2025E SOTP with a target EV/REBIT of 8x.