Aktuellt
SENASTE
Serneke continues to show improved stability, which is reflected in a persisting positive EBIT margin in construction and positive operational cash flow. Net sales were SEK 1.97bn, 10% above our estimate. The underlying EBIT margin for the group was 1.3%, in line with our estimate. We make minor estimate changes on the back of the Q3 report and continue to argue that in order to maintain momentum, it is important for Serneke to continue improving construction margins and keep up a stable pace of divestments in Karlastaden. Taking excess value from building rights in Karlastaden into account, we arrive at a fair value range per share of SEK 61-101 (60-100), implying a 2022E EV/EBIT of 6-12x and 2022E P/E of 7-15x. Marketing material commissioned by Serneke.
LÄS MER
