We reduce 2026E-28E CEPS by 2-4% and adjust our fair value range to SEK 11.8-13.6 (12-14) per share after a Q3 report in which earnings came in slightly below market expectations. Stenhus has completed buy-backs equivalent to c. 8% of its shares in 2026, and we see further room for buy-backs and transactions, supported by SEK 112m in net divestments in Q4. Stenhus trades at 9.2x 2027E CEPS, c. 30% below the sector median (13.2x).
LÄS MER
