We raise 2026E-28E CEPS by 3-5% and our fair value range to SEK 14-17 (13-15) after a stellar Q1, including 34% y/y PFPM/share growth (10pp from buy-backs). Stenhus trades at 9.5x 2026E CEPS, below the sector’s LTM multiple of 15.1x and 2026E multiple of 13.6x. We view the valuation as undemanding relative to growth, with a 9% 2025-28E CEPS CAGR versus the sector median of 4% (SEB coverage), with further upside potential from buy-backs.
LÄS MER
