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Byggmästare Anders J Ahlström Holding is an investment company with the goal of creating long-term value for shareholders as well as for society and other stakeholders. The company focuses on small and medium-sized companies, listed as well as unlisted. The operations are primarily concentrated in Sweden and the rest of the Nordic region. The company was founded in 1898 and has its headquarters in Stockholm.
In our view, the announcement is a classic move by an interim/new CEO to "clear the decks" by recognizing historical project issues and restructuring operations after a weak stretch
* Q2 NAV 6% above ABGSCe * DPP and Safe Life continued to impress * Discount still wider than history Q2: NAV beat, but Green Landscaping weighed Byggmästaren reported Q2 NAVPS of SEK 64.46, 6% above our estimate. However, NAV declined 4% q-o-q in total...
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Byggmästarens substansvärde minskade med 19 procent till 64,5 kronor under Q2, främst tyngt av Green Landscaping. Samtidigt fortsatte DP-Patterning att utvecklas starkt med en försäljningsökning på cirka 700 procent. Team Olivias avyttring av Attrives...
Övergripande var Q2 svagt för portföljen eftersom Greens fortsatta marginalproblem, höga skuldsättning och VD avgång motiverade en tydligt högre riskpremie. VD Tomas och Christoffer går igenom kvartalet.
We view the NAV development as a function of listed market prices rather than any deterioration in the underlying holdings, whose operational progress remained intact.
We consider the move as directionally right for Byggmästaren — low cost, contained downside, and consistent with its active-ownership model — while we believe the actual value creation is a bet on integration rather than a given.
