Siljansvik delivered a solid Q2, with resilient underlying operations and Dala Vind standing out as the clear operational highlight. While reported earnings were boosted by the capital portfolio, we see continued value creation potential from active ownership, portfolio optimisation and the development of Närkraft. With the share price trading at a sizeable discount to TIC of SEK175 per share, we believe the current valuation leaves room for upside. We update our Fair Value range to SEK114 (112)–184 (183) per share, with a Base Case of SEK149 (145).
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