Following challenging trading at PE for several years and the implementation in 2021 of several strategic decisions (divestments, reorganization, wind-up of sites), we argue the Q1 results should mark the end to its recent track record of negative organic growth. For this year, we reckon organic sales to grow by 3% y/y and support our EBIT ex. PPA margin expansion case (PE is targeting 10% in 2025). We reiterate our mid-point of SEK 35.
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