Q1 NAV -1% vs. ABGSCe Safe Life continues to deliver solid growth Fair value range lowered to SEK 233-383
Stock pressured by Green Landscaping and NAV discount
Byggmästaren’s Q1 NAV came in at SEK 297, 1% below our estimate and down 3% q-o-q. TSR was -8% (vs. SIXRX -0.2%), as the NAV discount widened 4pp to 15% at the end of Q1. Green Landscaping (-10% in Q1) weighed on NAV, while Infrea offset some of that decline with a 17% gain. Investment activity was modest, including secondary share purchases in Safe Life and DP Patterning (DPP), the latter part of the original acquisition terms. A temporary SEK 19m loan was issued to Ge-Te Media, which we expect will be repaid shortly. Safe Life also made a small US acquisition, bringing its total to 32. We view the portfolio as relatively resilient despite macro headwinds, and with net cash at 5% of assets, Byggmästaren is well-positioned to act on future opportunities.