• Report 28p: Bekaert recently raised its medium-term growth target for top line (>5%) and EBIT margin (>10%) underlining its successful transformation. • 2024 looks to become a more flattish year though due to ongoing challenging macro-economic conditions and lower raw material prices.• Buy reiterated. We raise our TP from EUR 52 p/s to EUR 58 p/s by moving our SOTP to our 2025E estimates (was 2024E), based on a still undemanding overall target EV/EBIT of 8x.
