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PE, the architectural consultancy group, will report Q4 earnings on 9 February at 07.30 CET (no updated consensus available). In Q4 we expect negative organic sales growth of 7.7% y/y (Q3: -4.2% y/y), while cost management should mitigate on margins. Here, we forecast EBITA (EBIT before M&A) of SEK 13m (5.5% of sales), down from SEK 18m (7.3%) in Q4 2022. CFO Mrs Liselotte Haglind has been appointed acting CEO of PE. We reiterate our mid-point equity value of SEK 14.
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