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Sdiptech delivered a fairly weak report with adjusted EBITA 8% below our estimate but with 2021 margin guidance in line with expectations. A highlight of the report was the Property Technical Service segment which reported strong organic growth (17% y/y) and an adjusted EBITA margin above pre-pandemic guidance. Struggling since late 2018, the segment has seen a resurgence over the last three quarters, with a solid combination of organic growth and profitability. Given that Sdiptech has announced that it is not looking to expand the business area further, we believe it may be available for a potential buyer. A divestment of the Property Technical Service segment would free up cash to be used for value-accretive M&A in the other segments and render the company an infrastructure pure play in the compounding space. On the back of the report we adjust our fair value range to SEK 230-290 (230-285).
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