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SENASTE
Architectural consultancy group PE reported Q1 earnings well ahead of all market estimates as cost measures feed through the P&L lines. While sales are below (-4%) our forecasts, EBIT of SEK 18m is SEK 11m above our SEK 7m estimate (and SEK 12m ahead of consensus estimates). This implies an 8.3% margin (SEBE: 3.2%), up from 6.5% in Q1 a year ago. Mechanically, the deviation implies raising our EBIT forecasts c. 27%. Our mid-point equity value of SEK 15 is also under review.
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