Q1 was above our estimate, driven by a higher than expected top line and a slight y/y decline in operating costs, supported by a higher share of concept delivery income. The pipeline remains healthy, with several larger projects progressing simultaneously within key railway hubs, including a major project in Hallsberg nearing completion (SEK 90m, we expect revenue recognition in Q2). We derive a fair value range of SEK 20-25 (20-24).
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