Byggmästaren: Strong Q4 fuels optimism - ABG

Q4 NAV beat our estimate...
...driven by valuation increases in private portfolio
Fair value increased to SEK 264-405


NAV outperformance in Q4 and 2024

NAVPS reached SEK 307, beating ABGSCe by 6% and up 1% q-o-q. Total shareholder return (TSR) was +1% (SIXRX -6%), as the NAV discount remained stable at 11%. The main driver on the upside was the positive revision in Safe Life, while a 13% decline in public holding Green Landscaping weighed. In 2024, both NAV (+11%) and TSR (+31%) outperformed the SIXRX (+9%). Byggmästaren invested SEK 70m in Q4 across Safe Life, DP Patterning, and Ge-Te Media, with the first two already announced. The proposed DPS of SEK 1.70 exceeded our SEK 1.40 estimate, signalling confidence. However, the increase is small in terms of total payout, and we believe Byggmästaren retains ample flexibility.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/byggmastaren/Equity-research/2025/2/byggmastaren---strong-q4-fuels-optimism/