We expect good earnings growth in Q1 but no starts (after a strong Q4). We view Besqab’s pipeline for the remainder of the year as solid. It trades at a single-digit P/E of 6.5x for 2027E and 4.8x for 2028E. If Besqab delivers on its targets and continues to build its post-merger track record, we see potential for multiple expansion. Our fair value range is unchanged at SEK 39-45, with a midpoint of SEK 42, c. 70% above Besqab’s closing price.
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