Sdiptech delivered a strong Q4 above our expectations. Sales increased by 24% y/y and EBITA* by 52%, 35% of which was organic. Earnings were significantly hurt due to Certus (port logistics), which alone hampered the margin by ~1.8 pp. We estimate 31% EBITA* growth y/y in 2022 but see 36% upside to our estimates from M&A in our scenario until 2024, which also reduces EV/EBITA to 15x. We raise our 2022-24 estimates by 3% for sales and 5-8% for EBITA due to strong organic performance and M&A. We leave our multiples-based fair value range of SEK 367-442 unchanged. Marketing material commissioned by Sdiptech.
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