Siili’s Q4 confirmed to us that the company is accelerating its growth to >10% and taking its EBITA margin to >10% (i.e., delivering its strategic targets). The portfolio and acquired companies continue to perform solidly, while we believe the strong momentum enjoyed by the Finnish digital consulting market should help Siili’s core operations back to higher growth. We think the valuation is attractive and repeat our fair value range of EUR 20-22.
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