We expect PFPM/share growth of 17% y/y in Q1, driven by higher NOI, lower financial expenses, and buy-backs. In Q1, Stenhus completed its 10% buyback programme, raised its 2025 DPS to 0.31 (0.28), and simultaneously stated its intention to launch a new 10% buy-back programme, underscoring its shareholder-friendly agenda. Stenhus trades at 9.9x 2026E CEPS. Our fair value range is SEK 13-15 (14-16), with a midpoint of SEK 14 (15).
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