Sdiptech: Thirsting for acquisitions - Nordea

We expect a solid quarterly report for Sdiptech on 10 February. We pencil in 17% y/y sales growth and an EBITA* margin up 5 pp, owing to business mix, putting us at the lower end of the 19-20% margin guidance. In our M&A scenario, we estimate that EBITA is capable of rising another 37% by 2024, reducing EV/EBITA to 15x. We make only minor 2021 estimate revisions but increase 2022E-23E EBITA by 1-3%, mostly due to FX. We lower our multiples-based fair value range to SEK 367-442 (402-508), owing to stock market turbulence, representing 21.2x 2023E EV/EBITA at the midpoint. Marketing material commissioned by Sdiptech.

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