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Projektengagemang, a leading architectural consultancy focusing on buildings, reported weaker-than-expected Q2 sales and EBIT. Organic sales declined by 3% y/y versus our estimate for a 2% decline. Based on Q2 adjusted EBIT of SEK 4.5m versus our forecasts for SEK 8m, this broadly corresponds to a prospective full-year 2023 downgrade of 10%. Our current mid-point value of SEK 16.50 is under review.
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