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SENASTE
Sdiptech presented a solid Q1 report with sales 4% above our expectations and EBITA* 6% above our estimate. We believe its partial divestment of the Property Technical Service segment will allow Sdiptech to focus on the two other business areas. In our view, these business areas have good organic growth prospects, due to their infrastructure exposure and sustainability focus, which we believe was visible in Q1 organic EBITA* growth of 16%. In addition to growing organically, we believe the company can continue to make value-accretive acquisitions, even though the goal of acquiring SEK 90m of EBITA annually is not fully reflected in our estimates. We adjust our valuation range to SEK 375-300 (275-345).
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