We at Inderes have initiated coverage on the investment company Byggmästaren.
Who is Byggmästaren?
Byggmästaren invests in, owns, and develops a number of business groups with the goal of creating long-term value for shareholders as well as for society and other stakeholders.
The focus is mainly on investments in Sweden and the rest of the Nordic region, primarily small and medium-sized companies, both listed and unlisted.
This is what the portfolio looks like today:
In this initial analysis, analyst @christoffer.jennel writes that we view the second largest holding, Green Landscaping, and the relatively new holding, DP Patterning, as key value drivers with attractive upside at current valuations. We assess that the remaining portfolio holdings, including the largest holding Safe Life, are fairly valued.
If you want to read a bit about the three core holdings, you can check out our Instagram post here: https://www.instagram.com/p/DUkY7-SCL0r/?img_index=1
Although Byggmästaren has delivered strong shareholder returns in the long term since its IPO in 2014 (16% annual total return), the last few years have shown weaker performance compared to competitors and relevant benchmark indices, reflecting strategic changes and challenging market conditions in parts of the portfolio.
What do you think of Byggmästaren?