While we think the market is stabilising, and long-term trends remain intact, we fear that the recovery may take longer than we had expected. We cut 2024E-26E earnings and assume a more conservative recovery profile ahead, but Projektengagemang’s (PE’s) focus on internal efficiency is shining through, supporting margins in a turbulent market. When demand recovers, we see PE emerging as a stronger company. We set a new mid-point value of SEK 13 (15)

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