Resetting our growth expectations, we reiterate our investment case in PE: following significant restructurings (including divestments), Q3 marked the first quarter in three years with flat organic sales. Internal measures, that addressed its loss-making Systems division over the past year, should bolster group margins in 2023 onwards. Based on downgraded earnings (weaker Q3 sales and EBITA), we set our revised mid-point at SEK 24 (30).
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