Evli is also sticking to the “show me the money” line in case those home sales don’t materialize. No wonder, since we’ve already been waiting for X years for new apartments to start selling in the second half of the year, let alone for construction to even begin.
REDUCE with a target price of EUR 4.8
We retain our REDUCE-rating and target price of EUR 4.8. Although multiples start to appear more attractive on 2027 estimates, should the housing construction market gain traction, the visibility is still to limited to emphasize said multiples.