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Siili: Costs in control even at the bottom of the cycle - SEB

Despite slow momentum on the top line, Siili’s H2 and Q4 report showed that the costs can be managed reasonably well and profitability and cash flow stayed at a decent level even at the bottom of the cycle. Yet, we end up forecasting a bit slower turnaround and higher salary inflation with 2024E EBITA down by 8%. Fair value range of EUR 15-17 reiterated.

Despite slow momentum on the top line, Siili’s H2 and Q4 report showed that the costs can be managed reasonably well and profitability and cash flow stayed at a decent level even at the bottom of the cycle. Yet, we end up forecasting a bit slower turnaround and higher salary inflation with 2024E EBITA down by 8%. Fair value range of EUR 15-17 reiterated.
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