Reflecting more muted demand in the architectural consultancy market, we expect Projektengagemang (PE), a leading consultancy focusing on buildings, to continue to report negative organic growth in Q2 and in H2 2023. While we estimate cost management and savings will mitigate this, resulting negative operating leverage (including from wage inflation) should mute EBITA too in the year ahead. We set our revised mid-point equity value at SEK 16.50 (20).
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