Adding back SEK 5m in non-recurring items (settlement of a dispute), PE (the buildings-focused consultancy group) reported Q1 net revenue in line with our forecasts, implying an organic y/y sales decline of 1.8% (SEBe: -1.5%). Adjusted EBIT of SEK 18m is 13% ahead of our SEK 16m estimate and implies a 7.2% margin (Q1/22: 7.2%). The ongoing cost programme is reiterated, targeting SEK 40m in savings for 2023-25. Our current DCF-based mid-point value is SEK 20 per share.
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