In addition to the strong report PE also announced a cost savings programme for optimising office space, with an aim of yearly cost savings of SEK 20m from 2026 and onwards. The improvement will be gradual from 2023-2025 and makes us more positive about the trajectory towards the margin target of an EBITA margin of 10% as we now forecast close to 8% for '25e. Moreover, we keep our '23 sales estimates flat but increase EBITA by 10% on the back of the better cost control in Q4.
New fair value range of SEK 16-27 (14-25)
We raise our fair value range to reflect our estimate revisions. The company trades at an P/E of 9x and an EV/EBIT of 10x on our revised numbers for '23e and we look forward to seeing how it can perform with better market conditions.
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