We foresee strong PFPM/share growth in Q2, up 27% y/y (c. 10pp from buy-backs). At 10.6x 2026E CEPS, Stenhus trades at a c. 20% discount to the sector median (13.7x). At the same time, we expect Stenhus to deliver well above sector CEPS growth, with a 2025-28E CAGR of 10% (sector median: 5%), with upside from buy-backs and transactions. Our fair value range is SEK 13-15 (14-17) per share, implying 10.8-12.5x 2026E CEPS.
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