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Fasadgruppen is a group focused on renovation and upgrading of facades, windows, roofs and balconies, with a particular focus on energy-efficient measures. The group consists of locally based companies with broad expertise in their niche. The main market is Sweden, but the group also has operations in the rest of the Nordic region and in the UK. Fasadgruppen was founded in 2016 and is headquartered in Stockholm.
Fasadgruppen announced in a press release on Thursday that it will postpone its planned 1,250 MSEK bond issue, citing the prevailing market environment. We believe the decision is explained by rising interest rates and inflation concerns, which have made bond financing more expensive.
As we had expected, the start to the year was weak. While the weaker-than-expected Q1 report has led us to make some downward revisions to our short-term estimates, we believe the setback was primarily driven by unfavorable weather conditions rather than any structural weakening in underlying demand. As a result, our mid- to long-term estimates remain largely unchanged. In our view, the strong order backlog and the expected increase in project execution provide a solid foundation for earnings growth going forward, especially in the latter part of the year. Against this backdrop, combined with low medium-term valuation multiples (2026-2027 adj. EV/EBITA of 6–7x), we believe the risk/reward profile remains attractive. As a result, we reiterate our Buy recommendation and target price of SEK 26 per share.
