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Projektengagemang Q1/24E: Exposure and calendar to weigh on sales - SEB

PE, the architectural consultancy, will report Q1 on 25 April at 07.30 CET. We leave our estimates unchanged and reiterate our DCF-based mid-point equity value of SEK 15 per share. Reflecting the macro cycle and the impact on its core architectural segments, we forecast 6% y/y negative organic growth on top of a -1.6pp calendar impact. We look for Q1 sales of SEK 227m and adj. EBITA of SEK 9m. The equity trades at discounts to peers at 9x our 2024 EPS estimate.

PE, the architectural consultancy, will report Q1 on 25 April at 07.30 CET. We leave our estimates unchanged and reiterate our DCF-based mid-point equity value of SEK 15 per share. Reflecting the macro cycle and the impact on its core architectural segments, we forecast 6% y/y negative organic growth on top of a -1.6pp calendar impact. We look for Q1 sales of SEK 227m and adj. EBITA of SEK 9m. The equity trades at discounts to peers at 9x our 2024 EPS estimate.
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