ALM Equity released its Q3 report yesterday, with revenues coming in below both our and consensus expectations, mainly due to timing effects in construction projects. The value of Besqab declined by roughly 10% q-o-q (driven by weak share price performance), while Klövern was written down by around 2% due to minor dilution effects. Apart from these items, asset values were largely in line with our forecasts. As a result, we lower our target price to SEK 116 per share (previously SEK 123), while ....
