Sveafastigheter’s Q3/25 report exceeded, adjusted for one-offs, consensus’ expectations and we find the flat share price reaction on report day difficult to understand. Underlying earnings continue to develop in line with/above our fairly high expectations and we view the case on track to deliver an IFPM/share of SEK 2.5-3.0 in 2026-2027. Adding in significant value potential in the project portfolio, the massive discount to NAV/low IFPM multiple does not reflect the fundamental value. We reiter ....
