In Q2, PE, the architectural consultancy focusing on buildings, reported 3% y/y negative organic growth and profitability below our forecasts. Given its exposure to the construction and buildings sectors amid rising interest rates, we estimate organic sales to decline in the second half of this year as well. We lower our adjusted EBIT estimates by an average of 27% in 2023-25 and set our new DCF-based mid-point equity value at SEK 14 (16.5) per share.
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