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Projektengagemang: Profitability development continues - SEB

Projektengagemang (PE), the architectural consultancy group, reported Q2 earnings rather in line with our estimates as cost measures proved fruitful. We make minor negative revisions to sales growth, but continued profitability improvements fully compensate for an unchanged FY24E operating profit. We reiterate our DCF-based mid-point equity value of SEK 17 per share.

Projektengagemang (PE), the architectural consultancy group, reported Q2 earnings rather in line with our estimates as cost measures proved fruitful. We make minor negative revisions to sales growth, but continued profitability improvements fully compensate for an unchanged FY24E operating profit. We reiterate our DCF-based mid-point equity value of SEK 17 per share.
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