Following the report, we have made minor estimate revisions for our forecast period and lower adj. EBIT by 7% for 2020 and by 2% for 2021, largely on the back of lower revenue estimates after lowering our FTE assumptions. Although the markets are likely to remain challenging for some time, the cost and personnel reductions should, in our view, be enough to mitigate the lower sales impact on operating earnings. Moreover, we believe the long-term prospects for the industry remain positive with large public spending on infra, and building should support operations during the coming years.
Valuation range unchanged at SEK 30-35
Despite minor estimate changes, our DCF-based fair valuation range of SEK 30-30 is unchanged, with a valuation mid-point of SEK 32.
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