We argue market demand for PE, the consultancy focusing on buildings and architecture, should remain rather weak over the coming quarters too and thus lower our 2024-26 financial forecasts accordingly. While a seasonally small period, PE recorded -17% organic sales in Q3, reflecting lower utilisation rates and fewer FTEs (billed hours). We set our new mid-point value at SEK 15 (17) per share. PE is currently valued at below 7x 2025E EPS.
LÄS MER