PE, the architectural consultancy, will report Q1 on 25 April at 07.30 CET. We leave our estimates unchanged and reiterate our DCF-based mid-point equity value of SEK 15 per share. Reflecting the macro cycle and the impact on its core architectural segments, we forecast 6% y/y negative organic growth on top of a -1.6pp calendar impact. We look for Q1 sales of SEK 227m and adj. EBITA of SEK 9m. The equity trades at discounts to peers at 9x our 2024 EPS estimate.
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