Byggmästaren: Divestment of Ge-Te Media - ABG

* Small, value-accretive divestment; IRR of 24%* Streamlines the portfolio and sharpens strategic focus* Limited financial impact; earnout offers upsideDivestment to Bonnier, proceeds in line with reported NAVByggmästaren has agreed to divest its entire holding in Ge-Te Media to Bonnier News Local at a value broadly in line with its reported NAV (Q3 equity value of SEK 16m pre-transaction). The company will receive an initial consideration of SEK 18m, plus an earnout linked to FY 2026 results that would amount to roughly SEK 28m if budget targets are met (payable in 2027). Ahead of closing, Byggmästaren will convert its SEK 28m shareholder loan into equity, increasing its ownership to ~90% at the time of sale.Based on the transaction valuation and total cash flows since 2020, the investment has generated an IRR of 24%. The divestment aligns with Byggmästaren’s strategy to focus on core holdings that meet its long-term investment criteria and is not expected to materially affect NAV.Minor financial impact but positive developmentGe-Te Media has been a high-return investment, but we see limited long-term growth potential following the operational improvements and value creation already achieved. As Byggmästaren notes, the company is not a core holding and does not fulfil its current investment criteria. We therefore view the divestment as marginally positive for portfolio composition, as it streamlines the portfolio and allows management to allocate resources toward existing and future core assets. Furthermore, we see good potential for the earnout, given the favourable outlook for the business into 2026.9% NAV discount in line with historical averageThe shares trade at a 9% discount to ABGSCe NAV, in line with the five-year average but still wider than many peers. While the discount has narrowed in recent months, it remains elevated despite Byggmästaren’s strong value-creation track record, the recent capital moves, and exposure to unique unlisted assets.