And here is the company report as well. ![]()
Fasadgruppen’s Q2 report exceeded our expectations and, in our view, signaled that a recovery is building, albeit slowly for now. Despite the beat, we are keeping our forecasts largely unchanged, as we have already factored in a strong H2’26 recovery and are awaiting clearer signs of a rebound before becoming more positive. In our view, a strong order backlog and the expected acceleration of project deliveries create a solid foundation for earnings growth in the future, particularly in the second half of the year. Against this background, combined with low medium-term valuation multiples (2026-2027 adj. EV/EBITA 6–7x), we believe the risk-reward ratio remains attractive. As a result, we reiterate our buy recommendation and target price of 26 SEK for the share.