Sdiptech: Stable results given the tough comps - Nordea

Sdiptech delivered a stable Q3 considering the tough comparables, with y/y sales growth of 25% and EBITA* up 29% y/y. The implicit 2021 guidance of a 19-20% margin implies a Q4 margin of at least 21.5%, up 4.8 pp y/y. We estimate a 21.6% margin for Q4 and upgrade 2021E-23E EBITA* by 2-4%. Sdiptech is now trading at 25x 2022E versus peers at 27x. We raise our multiples-based fair value range to SEK 402-508 (421-520), representing a ~28x 2022E EV/EBITA at the midpoint. Marketing material commissioned by Sdiptech.

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