Besqab ramped up its volume in H1/25, with housing starts up 326% y/y. H2 activity has also been high, with major building rights acquisitions. We believe the company is on track to reach its target of 2,000 units in ongoing production by 2027, which we view as key to achieving its margin targets. On our (slightly below guidance) estimates, Besqab trades at 6x 2027E EPS. Our fair value range remains SEK 36-40 per share (midpoint of SEK 38).
LÄS MER
