Frans has made a new extensive report on Ovaro, and like other extensive reports, it is readable by everyone, meaning there are no paywalls. 
Ovaro has sold its low-quality apartments and is scaling up its buy-develop-sell business model in the coming years, centered around the JyvÀskylÀ Kukkula project. The ramp-up of construction activities has been pushed forward in a radically weakened new construction market, and the earnings growth we expect is still subject to significant uncertainty, especially due to external risks. The balance sheet valuation (P/B 0.62x) is low, but when reflected against the high-risk profile of the current transition phase and the ~7% ROE in the coming years, the expected return falls short of our high return requirement in the short term.
