Sdiptech: On track to surpass its M&A target - Nordea

Sdiptech delivered a solid Q1 report, with EBITA* in line with our expectations. As a result, we make only limited revisions to reflect the current trading of key companies and further price hikes to mitigate the ongoing cost inflation. For 2022E-24E, we raise sales by 0-1% and revise EBITA by -2% to +3%. Sdiptech expects to reach its annual M&A EBITA target before autumn, thus providing at least SEK 50-80m upside to our estimates (run rate). The share is trading at 18x EV/EBITA 2023E, versus key peers at 21x. Our equity valuation of SEK 335-402 (340-416) suggests a multiple range of 17.5-21x EV/EBITA for 2023E. Marketing material commissioned by Sdiptech.

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