Here is the company report on Ovaro by Frans following the Q1 results 
Ovaro’s Q1’26 results were seasonally weak and slightly missed our forecasts on the bottom line. The company reiterated its guidance for 2026, and the earnings development for the remainder of the year relies, as usual, on the progress of development projects. In our view, the realization of the project pipeline has taken clear steps forward, but rising interest rates and potential inflationary pressures have increased short-term risks. The balance sheet-based valuation is low in absolute terms (2026e P/B 0.56x), but we expect the total return to remain around our cost of capital requirement due to the aforementioned risks. We reiterate our Reduce rating and target price of EUR 3.30.