Christoffer has written a company report on Byggmästaren following Q1 
Byggmästaren’s Q1 report showed a slight increase in net asset value (NAV) per share to SEK 67.6 (2% q/q), mainly due to a significant upward revaluation of DP Patterning (“DPP”) following its very strong Q1 results, which more than offset the continued share price pressure on Green Landscaping. The total shareholder return (TSR) was -14% (SIXRX: -1%), leading to the P/NAV discount widening to 22% (Q4’25: 8% / 5-year average: 9%). We consider the NAV development to be resilient in varying market conditions, and the company has 465 MSEK in available liquidity, which provides significant room for maneuver for new investments. Following the report and the Q1 results of the core investments, we have slightly cut our fair value range to SEK 52–76 per share (from SEK 54–77), where we have balanced the significant increase in DPP’s valuation against a more cautious near-term profitability outlook for Green. We still consider the current P/NAV discount excessive, which creates an attractive risk-adjusted upside for the share. We are upgrading our recommendation to Buy (prev. Accumulate) as the discount has widened further, while cutting our target price to SEK 65 (from SEK 66).