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Projektengagemang Q3: While weaker-than-expected, strategic direction remains very clear - SEB

PE, the architectural consultancy, reports sales and earnings that are below market expectations in a seasonally weak Q3 period. Organic sales decline by 10% y/y, impacted primarily by fewer FTEs (reflecting its earlier decision to restructure its business), as well as lingering Covid-19 pandemic-related effects (burdening utilisation rates). Importantly, strategic changes (divestments, staffing-adjustments) aim for profitable growth. Our midpoint DCF value is SEK 36.

PE, the architectural consultancy, reports sales and earnings that are below market expectations in a seasonally weak Q3 period. Organic sales decline by 10% y/y, impacted primarily by fewer FTEs (reflecting its earlier decision to restructure its business), as well as lingering Covid-19 pandemic-related effects (burdening utilisation rates). Importantly, strategic changes (divestments, staffing-adjustments) aim for profitable growth. Our midpoint DCF value is SEK 36.
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