Siili announced that it has acquired next stake of Supercharge taking ownership in the subsidiary to 70%. This follows another acquired stake in Vala Group earlier this month. While the transactions have been expected and have no material impact on estimates, our take is that a large share of Siili's 2023 profits were made in these subsidiaries. Also, valuations of the subsidiaries imply that the current implied market valuation of Siili's other business is very limited.
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