Besqab’s Q3 came in below our estimate, in which the absence of starts drove a lower than expected top-line, though profitability was strong. For Q4, Besqab guides for a significant q/q revenue increase and expects 2025 EBIT of SEK 230-250m, implying Q4 EBIT growth 76-107% y/y. We see Besqab as well-positioned to ramp up starts, supported by an attractive building rights’ portfolio, underpinning future earnings. Our fair range is SEK 35-39 (36-40).
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