Byggmästaren: Low valuation despite outperformance - ABG

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

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/byggmastaren/Equity-research/2024/8/byggmastaren---low-valuation-despite-outperformance/