Besqab: Outperforming peers - ABG

Solid Q3 report and unchanged outlook
More sold units and more completed unsold units in Q4e
Fair value range kept intact at SEK 25-35


Strong Q3 report

Besqab delivered a Q3 report with gross profit and EBIT 6% and 3% above our expectations, respectively. The company started 77 units and sold 101 in the quarter, which puts the pre-sold ratio at 85% (70% excluding rental projects). There were no changes to guidance on starts, and the expected synergies from the merger were reiterated. We raise our EBIT estimates by ~7% and ~6% for 2025e and 2026e on lower opex, while we leave our top-line and GP estimates relatively unchanged on the back of limited revisions to starts/completions.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/besqab/Equity-research/2024/11/besqab---outperforming-peers/