Based on sector business confidence indicators, we expect weakening demand for architectural and technical consultancy in H2 this year, and we downgrade our sales and earnings forecasts accordingly. In Q3, a seasonally weak period in any year, we estimate LBIT to widen versus a year ago burdened by an accelerating y/y organic sales decline. We reiterate our DCF-based equity mid-point of SEK 14 (range: SEK 12-16).
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