We make minor 2026E-28E EPS revisions and keep our fair value range of SEK 44-50 unchanged after a stellar Q3 report, where profitability and units sold exceeded our expectations. Besqab trades at 4-5x 2027E-28E EPS versus 10-14x (SEBe) for its main peer, JM. Given its high-quality project portfolio and superior operational performance, including higher margins, we believe there is clear potential for multiple expansion.
