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Sdiptech: Q4 EBITA* below estimates, 2021 margin guidance in line - Nordea

Sdiptech delivered Q4 adjusted EBITA of SEK 101m, 8% below our estimate with sales of SEK 604m, 3% above our forecast. The deviation was mainly driven by weaker performance from some units within Special Infrastructure Solutions. Organic growth for the group was 7.7%, with Property Technical Services segment the strongest performer at 16.7% organic growth. The company also communicated its adjusted EBITA margin guidance for 2021 at around 17%, which is in line with our estimate of 17.1%.

We believe the report to be slightly on the weak side and believe that 2-4% negative estimate revisions 2021 could be fair. We expect the share to underperform the market today.
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