The absence of housing starts led to lower-than-expected Q3 revenue, resulting in a significant deviation from consensus. However, the gross margin was strong at 19.2% (SEBe: 15.9%), and Besqab guides for a substantial revenue increase in Q4, expected to drive FY/25 EBIT of SEK 230-250m compared to our estimate of SEK 221m. It also targets a 15% EBIT margin by 2027 (SEBe: 14.6%). While earnings were weaker, we believe this will be offset by the positive guidance.
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