In absolute figures, Genova’s underlying earnings in Q2/25 were not far off our expectations and value changes were right in line. Still, we lower forecasted IFPM by 5-10% throughout our forecast period and reduce our target price to SEK 55 (56). Despite this, we argue that management is taking the right action, we continue to expect strong cash flow growth in 2026-2027 and argue that a 20x multiple on 2026e adj. IFPM is motivated by the large potential for value creation through the project por ....
