Ahead of PE's Q2 results (due: 17 July) we leave our forecasts unchanged and we reiterate our DCF based mid-point value of SEK 17 (range: SEK 14-20). Reflecting muted demand in the architectural and civil engineering markets we are looking for weak organic sales (-9.5% y/y), while we also forecast a strong y/y rebound in adjusted EBIT ex PPA to SEK 17.4m (Q2/23: SEK 6.4m). The shares are up 46% over the past three months, but still trade at 8x our 2025 EV/EBIT estimates.
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