PE, the architectural consultancy group, reported weaker-than-expected Q3 revenue (-1% vs. SEBE) and underlying LBIT of SEK 7m (SEK 2m below SEBE at LBIT of SEK 4m). These results are driven by an organic sales y/y decline of c. 17% in Q3 (utilisation rates are down 2.7pp y/y to 68.4%), while cost management mitigates. The EBIT deviation corresponds to a mechanical downgrade of 7% to our FY 2024 adjusted EBIT forecasts. Our current mid-point equity value is SEK 17 per share.
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