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Projektengagemang Q1E: Calling the trough - SEB

Ahead of PE's Q1 report, due 5 May at 07.30 CET, we reiterate our financial estimates and our mid-point equity value of SEK 35. PE has undergone structural changes, including divesting business areas and we reckon the new PE will emerge as a solid consultancy focusing on architectural services and the buildings segment. We expect Q1 to mark the last period of negative y/y growth. We estimate the equity to be valued at 9x 2023 EV/EBIT - an implied discount of 37% versus peers.

Ahead of PE's Q1 report, due 5 May at 07.30 CET, we reiterate our financial estimates and our mid-point equity value of SEK 35. PE has undergone structural changes, including divesting business areas and we reckon the new PE will emerge as a solid consultancy focusing on architectural services and the buildings segment. We expect Q1 to mark the last period of negative y/y growth. We estimate the equity to be valued at 9x 2023 EV/EBIT - an implied discount of 37% versus peers.
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