We raise 2026E-28E adj. EPS by 9-15% after a solid Q1 and our fair value range to SEK 41-48 (39-45), with a midpoint of SEK 44 (42), implying 10.6x 2027E EPS. Besqab trades at a single-digit P/E of 6.1x for 2027E and 4.6x for 2028E. Given its high-quality project portfolio and operational performance above peers, including higher margins, we argue that Besqab trades at low multiples and that higher multiples than the current ones can be justified.
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