Byggmästaren - Proven performance combined with an attractive valuation

Here is a company report on Byggmästaren from @christoffer.jennel :slight_smile:

Byggmästaren’s net asset value (NAV) per share fell in Q3 by approx. 3% quarter-on-quarter to SEK 62.6, which was slightly above our forecast of SEK 61.4, as stronger-than-expected revaluations of DP Patterning and Safe Life partially offset the continued approx. 39% decline in Green Landscaping’s share price. Total shareholder return was -8% compared to the previous quarter (SIXRX: +3%), and with the share at SEK 48.0, the discount to NAV has widened to approx. 23% (Q2’26: approx. 20%; 5-year average approx. 9%). The quarter followed a familiar pattern: DP Patterning continued to exceed expectations, while Green and, to a lesser extent, Safe Life still have work to do with their profitability. Our updated valuations reflect this, as the lower fair values for Green and Safe Life are only partially offset by the yet again realized value increase in DP Patterning. With a strong balance sheet and the fact that Green now represents only a small portion of NAV, we believe the widened discount increasingly reflects sentiment around a single investment rather than the quality of the overall portfolio. We lower our target price to SEK 60 (previously SEK 63) but reiterate our Buy recommendation.

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