Besqab’s Q2 showed strong volume growth, partly driven by a high number of starts (416, 407% y/y), which led to significant gross margin dilution (c. 60% of net sales were capitalised project costs including land). However, we see the gross margin weakness as temporary and expect a recovery in Q3-Q4. After Q2, we make minor positive EPS revisions, partly driven by higher volumes. We leave our fair value range unchanged at SEK 36-40.
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