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SENASTE
We reiterate our case in PE and our DCF-based equity value of SEK 35 per share. Building from last year’s streamlining of its operations (divestments, reorganizations, wind-up of sites), PE is entering 2022 fully focused on architectural and engineering consulting services relating to buildings. We expect a net increase in FTEs, utilization and pricing to offset wage inflation, leading to a significant margin progression in 2022.
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