Binero delivered steady progress in the first half of 2026, posting 21% top-line growth and a 6.5% EBITDA margin, largely aligning with expectations. The company is actively transitioning toward a higher-quality revenue base through strategic acquisitions, which has impacted short-term financials but builds a robust foundation for long-term scalability. Following the report, we trim our forecast while expecting a continuous margin expansion ahead. Combining our DCF and relative valuation models, we introduce a new Fair Value of SEK 3.16 per share, indicating an cheaply priced stock.
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