PE, the architectural consultancy group, reported Q2 sales of SEK 211m, slightly below our SEK 221m forecasts (-4.6%). However, EBIT of SEK 15.6m is in line with our SEK 15.5m estimate. This implies a 7.4% margin (SEBE: 7.0%), up from 1.9% in Q2 a year ago, as cost measures continue to give positive effect. Our current mid-point equity value is SEK 17 per share.
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