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Serneke started 2022 on a good note, with Q1 sales of SEK 2bn (up 5% y/y) and an EBIT margin of 1.8% (up 20 bp y/y). Despite the solid report, we make a number of negative estimate revisions, as we believe that market sentiment for the construction industry is set to weaken due to inflation and material shortages. We argue that it will become more difficult for Serneke to maintain a steady margin improvement, as it is still in a recovery phase. Thus, we take down our EBIT margin by 80 bp for 2023E and thus lower our SOTP-based fair value range to SEK 53-93 (63-103). Marketing material commissioned by Serneke.
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