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SENASTE
Ahead of PE's Q3 report (due 25 October at 07.30 CET) we cut our adjusted EBIT excl. PPA forecasts by an average of 7% for 2024E-26E. We have mainly revisited our sales assumptions reflecting changes to operating KPIs (FTEs, utilisation rates, pricing) as we factor in a softer market for architectural consultancy services also in H2 this year. We maintain our DCF-based mid-point equity value of SEK 17. At current levels, we argue PE is valued below a 2025E EV/EBIT of 8x.
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