The share currently trades at a NTM P/CEPS of 13.3x and a premium to EPRA NRV of 3%. This is 28% and 15% below, respectively, compared to our peer group of Kungsleden, Nyfosa and Wihlborgs. We assign a fair value range of SEK 90-120, which, based on our NTM estimates implies P/CEPS of 11.8x-15.8x and P/EPRA NRV of 0.91x-1.22x.