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Projektengagemang: Pushing forward, paving its own way - SEB

We believe that architectural consultancy group PE’s new strategic direction (aimed at re-focusing on buildings, non-core divestments and adjustments in staffing), is well under way. While our forecasts have yet to reflect its new long-term EBITA margin target (July 2021) of “over 10%”, we believe 2022 will bring the group back to good organic growth of 8% and to a 7.5% margin. We set our revised mid-point DCF-based equity value at SEK 40 (SEK 36).

We believe that architectural consultancy group PE’s new strategic direction (aimed at re-focusing on buildings, non-core divestments and adjustments in staffing), is well under way. While our forecasts have yet to reflect its new long-term EBITA margin target (July 2021) of “over 10%”, we believe 2022 will bring the group back to good organic growth of 8% and to a 7.5% margin. We set our revised mid-point DCF-based equity value at SEK 40 (SEK 36).
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