We expect Siili’s organic growth to slow down slightly in Q1 and FY 2023. The comparison period numbers are relatively tough and margins are likely to be under pressure due to an increased headcount and salary inflation. However, assuming no sudden slump in demand we think the company can adapt its capacity and deliver healthy margins for the year. We repeat our fair value range of EUR 15-17 and note that the EV/EBITDA for 2023E is just 7x.
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