Sdiptech will present its Q1 report on 29 April. We expect a solid report with 31% y/y sales growth driven by M&A (+35%), but with a setback in organic growth (-1%) due to tough comparables and challenging market conditions in the UK. Following the divestment of ~50% of PTS and the new share issue we estimate that there is roughly SEK ~1bn of M&A headroom that could possibly add SEK ~140m of EBITA. We adjust our multiple-based fair value range to SEK 275-345 (270-335). Marketing material commissioned by Sdiptech.
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