Byggmästaren's Q3 NAV per share declined ~3% quarter-on-quarter to SEK 62.6, slightly above our estimate of SEK 61.4, as stronger-than-expected revaluations of DP Patterning and Safe Life partly offset a further ~39% share price decline in Green Landscaping. Total shareholder return was -8% q/q (SIXRX: +3%), and with the share at SEK 48.0, the P/NAV discount has widened to ~23% (Q2'26: ~20%; 5Y avg. ~9%). The quarter followed a familiar pattern: DP Patterning continued to exceed expectations, while Green and, to a lesser extent, Safe Life still have work to do on profitability. Our updated valuations reflect this, with lower fair values for Green and Safe Life only partly offset by yet another uplift for DP Patterning. With a strong balance sheet and Green now only a small part of NAV, we believe the widened discount increasingly reflects sentiment around a single holding rather than the quality of the portfolio as a whole. We lower our target price to SEK 60 (was SEK 63) but reiterate our Buy recommendation.

DP Patterning cushions another Green-driven NAV decline

Total NAV stood at ~1,798 MSEK at end-Q3 (Q2'26: 1,851 MSEK), or SEK 62.6 per share (Q2'26: SEK 64.5), a ~3% decline quarter-on-quarter and ~2% above our estimate. The value of the listed portfolio fell by 118 MSEK, driven by Green, whose share price fell ~39% in Q3, taking its weight down to ~10% of NAV (Q2'26: 15%). In contrast, the unlisted portfolio rose in value by ~70 MSEK, mainly due to upward revaluations of DP Patterning and Safe Life. Unlisted holdings now represent ~70% of NAV and, in our view, the quarter again showed that NAV pressure is concentrated in a single listed holding rather than reflecting the underlying portfolio.

Liquidity strengthened by inflows from the portfolio

Capital deployment was limited in Q3. Byggmästaren completed its 10 MSEK subscription in Netel's new share issue as part of the Infrea–Netel merger, made no further investments in Green, and, contrary to our expectations, did not repurchase any shares during the quarter. At the same time, it received ~40 MSEK from the portfolio through a loan repayment from Team Olivia (36 MSEK) and a group contribution from Fasticon. Closing cash therefore rose to ~213 MSEK (Q2'26: 188 MSEK), or 12% of NAV, which together with 200 MSEK in undrawn credit facilities gives ~413 MSEK in available liquidity. Given the elevated discount, we would like to see buybacks resume, and we believe the balance sheet leaves ample room for both buybacks and new investments.

DPP beats again, Green in line, Safe Life misses on EBITA

DP Patterning was the standout again, with both revenue and profitability well ahead of our expectations. We raise our earnings estimates significantly and lift our fair value by ~17%, while still applying a sizeable discount for customer concentration and limited visibility into 2027. Green Landscaping delivered adjusted figures broadly in line with our expectations, but growth continues to come at lower profitability, and with leverage still elevated and a higher applied required return following the project write-downs, we cut our fair value by ~25%. Safe Life's growth remained strong, but margins were again held back by ongoing investments, and recent acquisitions appear to have been made at higher multiples than we had assumed, leading us to trim our fair value by ~4%.

Fair value range of SEK 47-70 per share

We value Byggmästaren via a sum-of-the-parts (SOTP) analysis, which now indicates a fair value range of SEK 47-70 per share (was SEK 50-74). Net post-Q3 revisions were negative, as lower fair values for Green and Safe Life were only partly offset by another notable uplift for DP Patterning. Given Byggmästaren's track record, active ownership model, net cash position, and portfolio concentration, we continue to apply a P/NAV in the range of -10% to -3% (-5% at the midpoint). With the share at a ~23% discount to reported NAV (vs. 5-year average of ~9%), we believe the current discount still creates attractive risk/reward.