* Q4 NAV in line with ABGSCe * Strong operational performance in key private assets * P/NAV lower, discount well above 5Y average
Green Landscaping held back NAV again
Byggmästaren reported Q4 NAVPS of SEK 67, in line with our estimate. NAV declined 2%, mainly due to weak Q4 performance in Green Landscaping, which also weighed on total NAV and TSR in 2025. Excluding Green Landscaping, the portfolio gained close to 14%, with Safe Life the largest contributor. Q4 TSR was +2% (SIXRX +6%), as the NAV discount narrowed from 11% to 8%. The proposed DPS of SEK 0.70 was in line with our estimate and prior guidance. Activity remained high in Q4, including additional investments in Green Landscaping and DPP, an extraordinary dividend of SEK 8/share, an extension of the buyback programme, and the announced divestment of Ge-Te Media. Byggmästaren retains a sizeable net cash position, and we expect further cash inflows during 2026.
Private assets: valuations broadly stable
Private asset valuations were largely unchanged in Q4, with small increases in DPP, Ge-Te Media, and Team Olivia, partly offset by a minor, FX-driven decline in Safe Life. Safe Life had an active quarter, completing four acquisitions and delivering 67% total growth in 2025, primarily M&A-driven, with a pro forma EBITA margin of 10.2%. DPP continued to perform well, reporting 2025 sales of SEK 61m and EBITDA of SEK 10m. Production capacity has increased materially following the new factory build, and demand remains strong. Fasticon is seeing gradually improving market conditions.
14% NAV discount well above historical average
The shares are trading at a 14% discount to NAV, compared with an 8% five-year average. Valuation is therefore low relative to most relevant peers, despite the group’s strong long-term track record. We adjust our fair value range to SEK 56-67 (60-90 adjusted for split), mainly reflecting our discontinued coverage of Green Landscaping.