The report reaction was negative, with Sveafastigheter trading -1.2% weaker than the local property index yesterday. The reaction was a surprise to us as the underlying result was stronger than anticipated and the negative value revision related to a project one-off. For us, forecast revisions are very limited on a CEPS level on the back of the report while the continued solid delivery has further derisked the case. We reiterate SEK 54 (45% upside), BUY, and hope that talk about a share buyback ....
