Sveafastigheter delivered underlying earnings right in line with our forecast. As we argue that the case is currently undervalued partially due to a short track-record while standing on its own two legs; all data points supporting the development we have forecasted are encouraging. On the back of a strong margin beat and somewhat clearer management guidance on administration costs, we raise IFPM/share by 7% in 2026 and raise our TP to SEK 53 (50) with BUY reiterated