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Siili Q4: Organic growth slows to -5%, but profitability above expectations - SEB

Siili's Q4 sales declined more than we had expected, being disproportionally affected by the market slowdown. However, thanks to decisive cost measures, Q4 EBITA topped our estimate. The sales guidance mid-point is well in line with our estimate for 2024, but the EBITA guidance indicates modest pressure onour estimate. At first glance our take is neutral, but we continue to flag the low trading multiples.

Siili's Q4 sales declined more than we had expected, being disproportionally affected by the market slowdown. However, thanks to decisive cost measures, Q4 EBITA topped our estimate. The sales guidance mid-point is well in line with our estimate for 2024, but the EBITA guidance indicates modest pressure onour estimate. At first glance our take is neutral, but we continue to flag the low trading multiples.
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