Besqab's Q3 report looks solid to us, with net sales in line with our estimates but significantly higher profitability. Starts were in line with our estimate (pre-announced), while units sold were higher than expected. The company guides a strong Q4. We believe a positive reaction is warranted, particularly given the weak share price performance. Preliminarily, we expect positive EBIT revisions, but no major changes to our long-term margin assumptions.
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