Serneke reported Q3 EBIT of SEK -79m, well below our SEK 24m estimate, mainly explained by SEK 65m in restructuring costs. The operating loss was partly due to the company's restructuring programme and a more conservative assessment of the projects and contracting in progress. Serneke has posted five consecutive quarters with negative EBIT, although the restructuring programme, with which it expects to reduce the cost base by SEK 200m in 2021, and project writedowns have incurred costs in 2020 so far of SEK 335m. Near term, we believe it will be important for Serneke to divest assets to strengthen the balance sheet and manifest the value potential in the building rights portfolio while in a longer-term perspective, focus will be on increasing earnings stability and improving margins. We believe this could be a step towards changing the perception of Serneke as a high-risk and highly geared construction company.
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