Serneke: Project value and lower costs underpin potential – Nordea
Serneke reported higher underlying losses and non-recurring charges in Q1 2020. Since our update, Oaktree has withdrawn its agreement-in-principle to buy 80% of Karlatornet, adding to non-recurring costs in Q1 and delaying the project further. Serneke aims to reduce its cost base by SEK 200m per annum from Q1 2021, we believe to ensure better underlying performance in both Contracting and Project Development.