ALM Equity reported a Q4 result that was operationally somewhat weaker than expected, with construction revenues below our estimates, a negative gross margin and EBIT of SEK 4m. The quarter was primarily driven by financial revaluations rather than operating performance. However, after several years of value write-downs, we now see modest positive adjustments across financial assets, investment properties and the JV portfolio. All in all, our estimates remain largely unchanged, and we reiterate ....
