Following the accretive divestment of Sikri, debt reduction, and the upcoming NOK 2.44/share special dividend, Spir is now trading at more attractive levels - offering a 9% FCF yield and 16.5x/13x our ’26/’27e cEPS with a healthy balance sheet (NOK 55m pro forma Q2 NIBD). Operationally, the now pure-play real estate data and software focus should allow for greater prioritization of cross-selling, development of scalable solutions, and organizational streamlining. We therefore upgrade to BUY with ....
