We raise 2026E-28E adj. EPS by 2-5% and our fair value range to SEK 47-53 (44-50) after a solid Q2, including a 36% EBIT beat versus SEBe. Besqab trades at 5-6x 2027E-28E EPS, and there is potential for multiple expansion given its operational performance above peers, including higher margins. If valued at 13x 2027E EPS (JM’s 20-year median), it would imply an equity value of SEK 58 per share.
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