We were impressed by Consti’s solid operative progress ahead of a more challenging
H2. In the bigger picture, we believe the final decision in the long-standing dispute is a
big step forward as it derisks the company. We see the current valuation as fair for
Consti, as it trades at 12.6x and 9.8x on on adjusted EBIT 2021E and 2022E, which is 12-
16% below Nordic constructor peers. We keep our fair valuation range at EUR12-14.
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