Fransin’s pre-game thoughts, as Ovaro publishes its Q4 results on Thursday at 8:30 AM. 
We expect the operating result to have remained weak due to housing sales and high administrative costs, but the reported result will still rise to a good level, driven by a positive fair value change in the associated company. There is uncertainty associated with the 2025 outlook, but we estimate the company will guide for improved results after a weak 2024. Ovaro’s strategy focuses on transforming into a full-fledged real estate developer, and the fruits of this change will only be reaped in terms of results in the coming years.