* Educational day with presentations from core holdings
* Strong potential in Safe Life and DP Patterning
* Core assets in good shape and well-positioned for new opportunities
Solid prospects for key assets
Yesterday, Byggmästaren hosted Byggmästardagen 2025, featuring presentations from the Chairman, the CEO, and the CEOs of Safe Life (43% of GAV), Green Landscaping (25%), DP Patterning (5%), and Infrea (5%). 2025 has been an eventful year so far, with highlights including the Bridgepoint transaction in Safe Life, which led to a significant valuation uplift, and the capital allocation decisions announced in late September. The balance sheet remains strong despite the recent extraordinary dividend, and Byggmästaren continues to actively pursue new investments. However, in the medium-term, management does not expect a significant expansion in the number of holdings, signalling a preference for a concentrated portfolio of high-quality businesses. We therefore continue to see potential for structural activities and exits within the current portfolio and believe it is reasonable to expect one to two new platform investments over the next 1-2 years. There should also be room for additional dividends from existing holdings, including Team Olivia. While Green Landscaping’s recent performance has been disappointing, we see potential for strong earnings growth in 2026, and the tone from management was optimistic. Infrea has shown marked improvement and appears ready to resume M&A activity. Safe Life’s active acquisition strategy continues, with four new acquisitions announced on 7 November, together adding roughly SEK 250m in annual sales, and sellers’ management teams reinvesting in the company. Operationally, Safe Life continues to perform strongly (57% total growth and 10.5% adj. EBITA margin in Q3), with further margin upside through scaling its subscription model.
DP Patterning set for major scale-up
Although still a smaller holding, DP Patterning is scaling its unique offering rapidly. Its new production site is expected to increase capacity fivefold, enabling production of around 5bn circuit boards. The long-term vision (2030) is to reach approximately SEK 1bn in annual sales, supported by six production sites globally. According to the CEO, the EBIT margin should exceed 20% by 2030 (vs. an 18% EBITDA margin in Q3). The company is transitioning from a machine manufacturer to in-house sustainable circuit board production, expanding output and planning to triple the workforce during 2025. In parallel, it is broadening its customer offering, opening up additional growth potential. Application areas and target customer segments are extensive, and DPP’s technology continues to outperform competing solutions on both cost efficiency and sustainability.
Capital moves have lifted P/NAV
The presentations strengthened our confidence in the positioning of Byggmästaren’s core assets. Following the recent capital allocation decisions and ongoing positive portfolio developments, the P/NAV has increased. The discount has narrowed to around 7%, close to the five-year average of 8%.
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