Projektengagemang’s Q1 was soft, in our view. While management said the order intake had improved towards the end of the quarter, we find the weak profitability worrying. Action to reduce costs has been taken, and management think a better market is required to lift profitability from here. We fear demand will remain weaker for longer, thus we lower our estimates accordingly. Our new fair value range is SEK 6-11 (7-13) per share.
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