We see Q2 revenue declining y/y, due to fewer starts and completions, but higher margins. We view the increased ownership in Wallin, a Stockholm-focused premium developer, positively, as it could improve the project mix and potentially margins. We also view its issuance of buy-backs as a sound move. At 5-6x 2027E-28E EPS, Besqab trades at low multiples, and we see potential for multiple expansion. Our fair value range is SEK 44-50 (41-48).
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