•    The FY23 results and 2024 outlook were more encouraging than anticipated which are more proof points of its successful transformation. •    At its recent CMD, Bekaert raised its 2026 growth target for top line (>5%) and EBIT margin (from >9% to >10%) underlining its confidence.•    Buy reiterated. We raise our TP from EUR 58 to EUR 63, based on a 4-5% increase EBIT estimates and lower net debt. This TP is based on our 2025E SOTP with a still undemanding overall target EV/EBIT of 8x.