Ahead of Siili’s H2 report, we raise our sales estimates as we find the market momentum for digital IT service consultants to be strong. Siili’s international operations and portfolio companies are performing already strongly, and it seems Core operations are expected to return to healthy growth as we look towards 2022. The valuation looks attractive with a 2022E FCF yield of 11%, and we raise our fair value range to EUR 20-22 (EUR 19-21).
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