We expect a high number of housing completions to boost Q2 earnings, with net sales +46% y/y and EBIT +110% y/y. Besqab made asset disposals of c. SEK 0.6bn in Q2; while no earnings impact, the transactions align with its strategy to divest non-core assets and free up capital for higher return investments. Besqab trades at a 2026E-27E P/E of 6-9x. We derive a DCF-based fair value range of SEK 36-40 (35-40), with a midpoint of SEK 38 (37).
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