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Projektengagemang: Weakening demand ahead - SEB

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).

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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