Here is a new company report on Toivo from Frans following the Q2 results 
We reiterate our “Accumulate” (Lisää) recommendation for Toivo, but lower our target price to EUR 1.15 (previously EUR 1.20). Toivo’s Q2 revenue and project starts exceeded our expectations, but the result fell short of our forecast, weighed down by a small negative change in fair value, minority interests, and slightly softer project profitability. The company reiterated its guidance and commented that it is confident in the outlook for the rest of the year. We only slightly lowered our earnings forecasts for the current year, as the strong Q2 project starts of approximately EUR 60 million also provide support for the end of the year, even though the lion’s share of them will impact 2027. Supported by the projects already underway, we estimate that next year will be a good one, especially when compared to the still very difficult new housing market situation. Toivo’s performance level has been strong in recent years in a difficult market, and we are confident in the earnings growth opportunities for the coming years as the housing market situation gradually improves. Relative to this, we believe the company’s valuation is attractive (Q2’26: P/NAV 0.89x, PE 2026e-27e 16x-9x).