We expect restructurings and cost base reductions to put PE in a good position to get back to profitable growth in a post-Covid market recovery. Near-term, the market remains uncertain with increased price competition in certain parts of the operations, but we argue for a relatively good risk-reward in PE’s shares with a currently undemanding valuation compared to peers. Despite minor estimate cuts, we raise our FV mid-point to SEK 33 (31).
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