• Q4 NAV beat our estimate...
• ...driven by valuation increases in private portfolio
• Fair value increased to SEK 264-405

NAV outperformance in Q4 and 2024

NAVPS reached SEK 307, beating ABGSCe by 6% and up 1% q-o-q. Total shareholder return (TSR) was +1% (SIXRX -6%), as the NAV discount remained stable at 11%. The main driver on the upside was the positive revision in Safe Life, while a 13% decline in public holding Green Landscaping weighed. In 2024, both NAV (+11%) and TSR (+31%) outperformed the SIXRX (+9%). Byggmästaren invested SEK 70m in Q4 across Safe Life, DP Patterning, and Ge-Te Media, with the first two already announced. The proposed DPS of SEK 1.70 exceeded our SEK 1.40 estimate, signalling confidence. However, the increase is small in terms of total payout, and we believe Byggmästaren retains ample flexibility.

Strong momentum in private portfolio

Valuations increased across all private holdings in Q4, adding SEK 132m in total, with Safe Life accounting for SEK 110m. The updated valuation aligns with Safe Life’s Q4 funding round but is also supported by peer multiples. Safe Life’s total growth reached an impressive 93% in Q4. From our perspective, the current valuation of Safe Life corresponds to approximately 14x trailing pro-forma EBITA, which we view as conservative. We were also encouraged by valuation increases in smaller holdings, primarily driven by improved outlooks and stronger peer comparisons.

14% NAV discount above historical average and peers

Byggmästaren’s long-term performance remains a standout, with positive momentum continuing. However, the NAV discount has widened to 14%, driven by NAV growth and a post-year-end reversal following apparent buy flow from passive investor mandates. This discount is well above the historical average of 9% and remains above our target range. We raise our fair value range to SEK 264-405 (265-382), reflecting adjustments to our fair value estimates for Green Landscaping and Infrea.