KH Group är en av mina största innehav, och detta var ett lättande resultat. 
The Q3 profitability of KH Group’s largest subsidiaries held their own better than we expected, but NRG’s convincing turnaround took a break due to weak earnings development. Overall, forecast changes were minor in connection with the report. We still see clear hidden value in KH Group’s balance sheet as our sum of the parts calculation indicates a higher value than the current price level. We revise our target price to EUR 0.68 (was EUR 0.65) and reiterate our Accumulate recommendation.