Accounting changes and tough weather conditions coupled with some financial one-off costs distorted Sveafastigheter’s Q1/26 figures. Looking through the fog, “clean” earnings were slightly below our forecast but in line with consensus while value changes surprised on the upside. The recently announced divestment supports the case in our view and we believe the share buyback initiative will be renewed once the current mandate has been fully utilized. We reiterate BUY but lower our target price to ....
