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SENASTE
We argue that last year’s restructuring of PE, including divestments and ongoing re-hiring, should bolster P&Ls in Q4 results (due 11 February). We lower our forecast for the number of FTEs and utilisation rate and increase our personnel inflation assumptions. Still, we think PE is being valued at about 10x 2022 EV/EBIT, which is a clear discount to peers (18x). Our revised mid-point equity value is SEK 35 (40).
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