Low valuation, despite outperformance - SEB

For Q3, we see strong PFPM/share growth, supported by buy-backs. Over the past year, the shares have outperformed the sector (SX35PI) by c. 25pp, which we believe is partly due to buy-backs. Despite its outperformance, Stenhus trades at 9.1x 2027E CEPS, c. 25% below the sector median (12.2x). Further, we expect Stenhus to deliver above-sector CEPS growth in 2025-28. Our fair value range is SEK 12-14 (13-15) per share, implying 9.5-10.9x 2027E CEPS.

Länk till analysen i sin helhet: https://research.sebgroup.com/corporate/reports/144278