FY24 results were broadly in line with our and CSS expectations.Bekaert guides for flattish revenues and at least stable margin in 2025, which is also more or less in line with our current and consensus estimates.Although end markets remain rather challenging, valuation is too low given the successful transformation that Bekaert is going through. Our TP of EUR 50 is based on our 2025E SOTP with a target EV/REBIT of 8x.
