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SENASTE
Serneke reported higher non-recurring charges for Q2 2020 than we had anticipated, related to the restructuring programme that was introduced in Q1 and higher provisions, although the company expects the organisational restructuring to reduce the cost base by SEK 200m in 2021, which should give support to margins, in our view. We argue the asset case in Serneke remains solid, owing to a trading P/B of 0.53x and we also see additional upside from divestment of building rights given the estimated surplus value in its project portfolio of SEK 2.2bn, which would add another SEK 98 per share to equity. We believe key events for H2 2020 will be margin stabilisation within Contracting and asset divestments to manifest the value potential in its project portfolio and strengthen the balance sheet.
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