Besqab posted a record-strong Q4 with a high number of starts and strong earnings growth, with EBIT rising by 103% y/y, 7% above our estimate. We expect continued solid earnings growth; we calculate a 2025-28E EBIT CAGR of 36%. On our estimates, which slightly undershoot the company’s volume and margin targets, Besqab trades at c. 8x 2027E EPS, with a midpoint value of SEK 42 (41) per share implying a 2027E P/E multiple of c. 12x.
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