Besqab’s Q1 showed solid operational performance, with encouraging growth in its main KPIs (housing starts and units sold), although earnings were impacted by the lack of housing completions (timing effects) and SEK 19m in one-offs (SEK 14m affecting gross profit). On our revised estimates, Besqab trades at a 2026E-27E P/E of 6-9x. We derive a DCF-based fair value range of SEK 35-40 (37–42), with a midpoint of SEK 37 (39).
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