PE, the architectural consultancy group, reported Q1 earnings well ahead of all market estimates, as its cost savings programme bolstered its P&L lines. While we lower our sales forecasts, the reductions are more than offset by raised margin assumptions and we raise EBIT by an average of 7% for 2024E-26E. We raise our mid-point equity value to SEK 17 (15) per share. At current levels, PE is being valued at steep discounts to peers.
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