Here is the company report for Ovaro after Q2 from Frans 
Ovaro’s Q2’26 result remained weak, but projects progressed slightly better than we expected. The company previously canceled its guidance for technical reasons as part of the First North listing proposal and the transition to FAS reporting. The transition to FAS will eliminate the calculated changes in fair value and will likely lower balance sheet values as they will be based on acquisition costs, but this has no impact on fair value. The weak new-build housing market, rising interest rates, and potential inflationary pressures keep the risk elevated, but with the share price having declined and the positive progress of projects, we believe the risk-reward ratio is attractive again (2026e P/B 0.52x). We reiterate our target price of EUR 3.30 and upgrade our recommendation to Accumulate (previously Reduce).