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Projektengagemang: Profitability good, still takes time to see growth - SEB

PE reported strong Q2 results with a robust underlying performance in all segments. Revenues continued to decline due to a still lower workforce y/y, but growth should come back in late H2 / 2022 after restarted recruitments. The company also updated its LT margin target to >10%, which we find credible given the improved business mix and focus on buildings. After Q2, our estimates are up 2-5% and fair value mid-point hiked to SEK 36.

PE reported strong Q2 results with a robust underlying performance in all segments. Revenues continued to decline due to a still lower workforce y/y, but growth should come back in late H2 / 2022 after restarted recruitments. The company also updated its LT margin target to >10%, which we find credible given the improved business mix and focus on buildings. After Q2, our estimates are up 2-5% and fair value mid-point hiked to SEK 36.
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