Projektengagemang: Market challenges remain present - ABG

We expect continued headwinds in Q4
'23e EBIT estimate down 3% on lower utilisation
New fair value range of SEK 14-25 (15-25)


Q4e: Sales -3% y-o-y & EBITA margin of 4.4% (5.5%)

Projektengagemang (PE) will report Q4 numbers on Friday morning, 10 February, and will hold a conference call at 09.00 CET. We expect another challenging quarter in which the company continues to struggle with a weak real estate market. We expect sales of SEK 252m (-3% y-o-y) and EBITA of SEK 11m (14.2m), for a margin of 4.4% (5.5%). In Almega's latest service indicator from 20 December, we note that both demand and hiring plans worsened for the category 'architects and technology consultants', which is why we believe PE will still face headwinds on the market side. However, as the current management has stabilised the company we expect a dividend of SEK 0.50 per share to be proposed.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/projektengagemang/Equity-research/2023/2/projektengagemang---market-challenges-remain-present/