Berner Industrier delivered a strong quarter, driven by larger project deliveries for Zander & Ingeström, although a subdued order intake clouds near-term visibility. We lower our estimates slightly but expect margin expansion to offset weaker organic growth. We reiterate our equity value range of SEK 80-98, the mid-point of which implies a 2027E EV/EBITA of 15x, in line with core peers.
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