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CMD takes: public sector growth; Supercharge expansion; M&A - SEB

As we expected, Siili hiked its strategic targets at today's CMD. Our estimates are broadly in line with the new targets and we make no changes for now. In addition to targeting organic growth of 10%, Siili plans 10% annual growth via acquisitions, which will require fresh capital. We think the current EV/EBITDA overlooks Siili's growth and the turnaround in the Core operations. Our fair value range for Siili is EUR 23-25.

As we expected, Siili hiked its strategic targets at today's CMD. Our estimates are broadly in line with the new targets and we make no changes for now. In addition to targeting organic growth of 10%, Siili plans 10% annual growth via acquisitions, which will require fresh capital. We think the current EV/EBITDA overlooks Siili's growth and the turnaround in the Core operations. Our fair value range for Siili is EUR 23-25.
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