* Q2 NAV in line with ABGSCe * Key highlights: Safe Life transaction and buybacks * Discount still wide despite strong performance Impressive NAV outperformance Byggmästaren’s Q2 NAVPS was SEK 319, matching our estimate and rising 8% q-o-q in total return terms. TSR was +6% (vs. SIXRX +2.5%), though the NAV discount widened by 2pp to 17%. Over the past five years, Byggmästaren has achieved an annual NAV total return of 15%, clearly ahead of SIXRX at 11% and second only to Investor AB within our coverage. In Q2, Green Landscaping (+1%) and Infrea (+28%) contributed positively, although the former’s share performance has lagged over the past year. The announced Safe Life transaction (see separate note), where Bridgepoint becomes the new majority owner, is expected to close this quarter. Pro forma, we estimate a net cash position of SEK 579m (34% of assets), leaving Byggmästaren well-placed to capitalise on opportunities ahead. In addition, the recently announced SEK 50m buyback programme should lend further support. Strong momentum in private portfolio Private asset valuations increased by SEK 151m, mainly from the expected Safe Life revaluation, partly offset by smaller moves in Fasticon (positive) and Team Olivia (negative). Safe Life continues to deliver, with >10% organic growth, a pro forma EBITA margin above 10%, and six acquisitions announced since May. Fasticon and Ge-Te Media are also performing well in a tough Swedish macro environment. DPP is progressing from a low base, expanding both sales and margins, and we view Byggmästaren’s decision to increase its stake as encouraging. 14% NAV discount above historical average and peers Despite a strong track record and positive news flow, the stock is trading at a 14% NAV discount (vs. 9% five-year average and wider than most peers). We adjust our fair value range to SEK 244–359 (from 233–383), reflecting NAV changes, sector moves, and our updated fair values of the public assets.
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