PE, the buildings-centred consultancy group, delivered good underlying Q1 sales and EBIT, adjusting for a SEK 5m dispute settlement originating from 2016. We keep our forecasts broadly unchanged and reiterate our mid-point value of SEK 20, which implies a 2023E-25E sales CAGR of 6% p.a. (based on a return to organic growth) and adj. EBIT ex. PPA margins improving from 5.5% last year to 5.9% in 2023E and 7.3% in 2025E (PE targets 10%).
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