We make only minor CEPS revisions and leave our fair value range unchanged at SEK 13-15 following a stable Q2, including 27% y/y PFPM/share growth (10pp from buy-backs) and positive net letting. At 10.2x 2026E CEPS, Stenhus trades c. 20% below the sector median (13.2x), while we expect it to deliver well-above-sector CEPS growth (11% versus SEB coverage median of 4%), with upside from buy-backs and acquisitions.
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