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Projektengagemang: Expecting small signs of improvement - SEB

Ahead of the Q4 numbers we do only slight adjustments to our 2020 forecast and cut 2021-22 EBIT forecast by 2-5%. We continue to expect lower workforce to start 2021, but anticipate profitability at solid levels driven by cost control and improved utilization. Valuation remains undemanding (21E EV/EBIT at 10.4x), but investors are likely to require further signs of stabilisation before accepting materially higher multiples.

Ahead of the Q4 numbers we do only slight adjustments to our 2020 forecast and cut 2021-22 EBIT forecast by 2-5%. We continue to expect lower workforce to start 2021, but anticipate profitability at solid levels driven by cost control and improved utilization. Valuation remains undemanding (21E EV/EBIT at 10.4x), but investors are likely to require further signs of stabilisation before accepting materially higher multiples.
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