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Projektengagemang: Firm on savings amid weak market demand - SEB

We argue market demand for PE, the consultancy focusing on buildings and architecture, should remain rather weak over the coming quarters too and thus lower our 2024-26 financial forecasts accordingly. While a seasonally small period, PE recorded -17% organic sales in Q3, reflecting lower utilisation rates and fewer FTEs (billed hours). We set our new mid-point value at SEK 15 (17) per share. PE is currently valued at below 7x 2025E EPS.

We argue market demand for PE, the consultancy focusing on buildings and architecture, should remain rather weak over the coming quarters too and thus lower our 2024-26 financial forecasts accordingly. While a seasonally small period, PE recorded -17% organic sales in Q3, reflecting lower utilisation rates and fewer FTEs (billed hours). We set our new mid-point value at SEK 15 (17) per share. PE is currently valued at below 7x 2025E EPS.
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