Guldbrev’s Q3 2026 figures posted continued progress although missing our expectations, delivering sales of SEK 112m and a 17% EBITDA margin. Growth was partly limited by softer core volumes while ongoing costs of its German expansion weighed on profitability. We reduce near-term estimates while still expecting healthy figures in the coming quarters in absolute terms. We adjust our Fair Value to SEK25 to reflect some near term headwinds and fluctuating gold prices. The stock remains to trade at significantly low multiples, likely incorporating both lower revenues and profitability than we are.
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