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Projektengagemang Q3: Weaker than expected, while flat organic growth for the first time in three years - SEB

Q3 sales and EBIT are weaker than expected vs our forecasts (we are above consensus). Importantly, while below our 3% forecast, organic sales are flat y/y, bucking the negative trend over the past three years. Q3 reported sales of SEK 281m are down 6% y/y (divestments), 4.5% below our estimates. Adjusted LBIT of SEK 7m is SEK 5m higher-than-expected by us. The deviation equals a mechanical cut to 2022E adj. EBIT of 9%. We reiterate our SEK 30 mid-point.

Q3 sales and EBIT are weaker than expected vs our forecasts (we are above consensus). Importantly, while below our 3% forecast, organic sales are flat y/y, bucking the negative trend over the past three years. Q3 reported sales of SEK 281m are down 6% y/y (divestments), 4.5% below our estimates. Adjusted LBIT of SEK 7m is SEK 5m higher-than-expected by us. The deviation equals a mechanical cut to 2022E adj. EBIT of 9%. We reiterate our SEK 30 mid-point.
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