Sdiptech: Revving up the engine - Nordea

Sdiptech has recently closed two acquisitions, with its latest on 1 June, bringing this year's deal count to four and the acquired EBITA to SEK 125m, versus SEK ~160m for 2021. Looking ahead, we find additional firepower as we forecast financial net debt/EBITDA of 1.6x for 2023, including future M&A. We raise our 2022-24 estimates by 5-11% for EBITA (6-11% for EBITA*) and by 6-11% for sales due to the recent M&A. The share is trading at a 15.8x EV/EBITA for 2023E, below key peers at 19x. Our equity valuation of SEK 292-370 (335-402) suggests a range of 15-20x EV/EBITA for 2023. Marketing material commissioned by Sdiptech.

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