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Projektengagemang Q2: Slightly weaker on organic growth, adjusted EBIT in line with our forecast - SEB

Projektengagemang, the buildings-focused consultancy, reported organic sales being down 4% y/y in Q2 (SEBe: -1.5%). Net revenue is 4% below our forecast. Adjusting for non-recurring costs relating to winding down a previous operation of SEK 3.5m, underlying EBIT of SEK 16.4m is SEK 1.4m above our estimate. This implies a mechanical upgrade of 2% to our full-year adjusted EBIT estimates. For now, we maintain our SEK 35 mid-point DCF-based equity value (under review).

Projektengagemang, the buildings-focused consultancy, reported organic sales being down 4% y/y in Q2 (SEBe: -1.5%). Net revenue is 4% below our forecast. Adjusting for non-recurring costs relating to winding down a previous operation of SEK 3.5m, underlying EBIT of SEK 16.4m is SEK 1.4m above our estimate. This implies a mechanical upgrade of 2% to our full-year adjusted EBIT estimates. For now, we maintain our SEK 35 mid-point DCF-based equity value (under review).
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