Strong Q3 report
Besqab delivered a Q3 report with gross profit and EBIT 6% and 3% above our expectations, respectively. The company started 77 units and sold 101 in the quarter, which puts the pre-sold ratio at 85% (70% excluding rental projects). There were no changes to guidance on starts, and the expected synergies from the merger were reiterated. We raise our EBIT estimates by ~7% and ~6% for 2025e and 2026e on lower opex, while we leave our top-line and GP estimates relatively unchanged on the back of limited revisions to starts/completions.
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