Here is a fresh company report on Ovaro from Frans. 
Real estate development company Ovaro is implementing a significant real estate and financial arrangement in December, which releases capital, strengthens the company’s financial base, and lowered the risk level. Due to the positive fair value change resulting from the land acquisition, our 2025 earnings forecast rose, but the forecasts for the coming years fell as a result of the arrangement. Our dividend forecasts rose as a result of the balance sheet becoming more efficient. Overall, adjusted for dividends, our 2026 equity per share forecast rose slightly. Despite the rise in the share price, the low valuation (2026 P/B 0.66x) combined with a dividend yield of approximately 4%, a lowered risk level, and the potential of the project pipeline keeps the risk/reward ratio positive in our view. We reiterate our target price of EUR 3.70 (note the EUR 0.36 dividend detaching on Monday) and our Accumulate recommendation.