Genova continues to take steps towards a significantly improved cash earnings base in 2026-2027, lately by presenting two large acquisitions and replacing hybrid with senior unsecured bond debt. Despite Q3/25 figures being somewhat disappointing, we believe the case continues to be undervalued at a P/IFPM 2026e multiple at 15.5x. Our target price of SEK 55 implies a 38% discount vs. the current share price and equals a multiple of 21.3x on 2026e IFPM; fair given the attractive building rights po ....
