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Third party research

Byggmästaren: Low valuation despite outperformance - ABG

Byggmästare Anders J Ahlström Holding

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

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Small Q2 beat amid solid underlying performance
In strong position to act on opportunities
Fair value fine-tuned to SEK 265-387


Strong NAV and lower discount drove big Q2 outperformance

NAVPS came in at SEK 309, +2% vs. ABGSCe (304), and up 3% q-o-q in total-return terms. The total shareholder return was +9% (SIXRX +2.5%) as the discount to NAV narrowed from 14% to 9%. The main driver of the NAV beat was the positive valuation revision of the private portfolio, where we had expected a flat development. We estimate the current net cash position at SEK 181m, strengthened further by the dividends from Team Olivia and Ge-Te Media in Q2. In our view, this gives Byggmästaren ample space to act on opportunities, in order to further grow and transform the portfolio
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