Siljansvik delivered a solid Q3, with stronger earnings across essentially all major holdings and the ownership-weighted earnings contribution from the portfolio companies more than doubling for the first nine months. The quarter also marked the first concrete steps in moving capital from the capital portfolio into operating platforms, through Kalmar Energi Försäljning and, after the quarter, Dala Vind’s wind acquisition. With TIC unchanged at SEK175 per share and the share trading at a discount of around 28%, we reiterate our Fair Value range of SEK114–184 per share, with a Base Case of SEK149.
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