Q1 EBIT was solid, albeit slightly below our forecast, but the vacancy rate was down QOQ, from 7.2% to 6.8%. The miss on profit from property management is mainly explained by one-off bond refinancing costs. The board has yet to announce its view on the tender offer by Stenhus Fastigheter (3 Stenhus shares for each MaxFastigheter share). Given the 20% share price gain since the tender offer was made on 3 March, we see downside potential should the deal fall through. We have slightly raised our fair value to SEK38–45 (37–44) to reflect the NAV increase in Q1.

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