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Sdiptech will report its Q3 2021 results on 26 October. We expect a solid quarter with growth of 17% y/y in sales (of which 11% is M&A) and 26% in EBITA. Since our update in July, Sdiptech has acquired two companies and entered the Netherlands. The M&A target was also raised to SEK 120-150m (from SEK 90m) of EBITA* yearly. We raise our forecasts by 0-4% for sales and 0-6% for EBITA* to incorporate 40-50% of the new M&A target, but with some near-term cost pressure weighing on the margin. As the EV/EBITA multiple has declined following two acquisitions, Sdiptech is now trading at 31x 2022E, compared to peers at 28x. We raise our multiples-based fair value range to SEK 421-520 (SEK 383-447), ~30x 2022E EV/EBITA at the midpoint. Marketing material commissioned by Sdiptech.
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