PE, the consultancy focusing on buildings, confirms market uncertainty has increased going into 2023. That said, the company has announced plans to cut real estate lease costs, targeting total gross savings of SEK 60m in 2023-2026 (not yet in our estimates). Also, in Q4 the group is back to organic growth and its Systems segment completed a marked earnings turnaround to end 2022 at breakeven. We maintain our SEK 20 mid-point equity value.
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