Sdiptech: This large cap keeps on rolling - Nordea

Sdiptech will report its Q2 results on 22 July. We expect a solid quarter with 18% y/y sales growth and 37% y/y EBITA* growth, despite meaningful divestments, thanks to operational momentum and pandemic-impacted y/y comparables. We make only small estimate revisions but lift our multiples-based valuation range to SEK 372-465 (300-375). This represents a 2022E EV/EBITA range of 25-31x (21-25x), which at the midpoint suggests a price in line with key peers, which are trading at 2022E EV/EBITA of 28x. Marketing material commissioned by Sdiptech.

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