We expect a Q4 with good earnings growth and a high number of starts. Ahead of Q4, Besqab has guided for FY/25 EBIT of SEK 230-250m, implying 76-107% y/y growth (SEBe: 86%). With a solid project pipeline in good locations and low inventories, we see potential for Besqab to reach its volume and margin targets by 2027. Besqab trades at c. 8x 2027E EPS. Our fair value range is raised to SEK 38-43 (35-39) per share (midpoint of SEK 41).
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