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Third party research

Byggmästaren: High activity to continue - ABG

Byggmästare Anders J Ahlström Holding

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
Minor Q3 miss but strong YTD performance
Strong balance sheet, ready to act on opportunities
Fair value fine-tuned to SEK 265-382


Small, negative Q3 return

NAVPS came in at SEK 304, -3% vs. ABGSCe (312), and down 2% q-o-q. The total shareholder return (TSR) was -3% (SIXRX +4%) as the discount to NAV increased by 2pp to 11%. However, the YTD TSR amounts to 22%. The main driver of the NAV miss was negative valuation revisions in Ge-Te Media, Team Olivia, and Fasticon amid weaker results. We estimate the current net cash position at SEK 127m, and expect further dividends from Team Olivia (which has now sold its shares in Humana) and Ge-Te Media. In our view, this gives Byggmästaren ample room to act on opportunities.