Q2 sales to decline slightly on temporary squeeze on Automotive customers
We expect Siili’s H1 sales to increase by 4% to EUR 42.3m but decline 3% in Q2. Our H1 EBITA estimate is EUR 2.6m. We find that Siili Core and VALA Group have performed relatively well. However, we think the Q2 sales decline owes mainly to Siili Auto, where we believe customers have safeguarded their cash flow in the time of uncertainty. However, based on the recent signs from the automotive sector sales, we believe the negative impact will be temporary and the demand should revive towards the year-end. Therefore, in Q2 our focus will be on management’s comments around the client sector’s recovery.
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