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Projektengagemang: Stable outcome, gradual improvements ahead - SEB

Projektengagemang reported a solid Q1 with profitability providing a positive surprise against our estimates. Comments on early signs of improving market conditions support our thesis of growth returning in H2. After Q1 we make minor estimate changes and adjust our FV mid-point to SEK 34 (33). We continue to see valuation as undemanding given the stabilisation in earnings, with shares still trading well below Nordic peers.

Projektengagemang reported a solid Q1 with profitability providing a positive surprise against our estimates. Comments on early signs of improving market conditions support our thesis of growth returning in H2. After Q1 we make minor estimate changes and adjust our FV mid-point to SEK 34 (33). We continue to see valuation as undemanding given the stabilisation in earnings, with shares still trading well below Nordic peers.
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