Besqab trades at 4-6x 2027-28E adj. EPS. We argue valuation is low and believe there is potential for multiple expansion, especially if its margin targets are fulfilled, which we see as achievable in 2027E. We expect its operational performance to remain strong in Q3, but that 2026E revenue will be back-end heavy, with a sequential q/q decline in Q3, followed by a substantial increase in Q4. Our fair value range is SEK 44-50 (47-53).
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