Byggmästaren: Low valuation despite outperformance - ABG
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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
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