We think Siili’s Q4 will provide a lot of factors to understand whether the market is turning. We still forecast 5% growth for 2026. Moreover, we find that the recent EBITA guidance update does not fully reflect the underlying profitability after savings measures. Siili trades at a forward-looking EV/EBITDA of 3.5x, well below its history and peers. We fine-tune our fair value range to EUR 7-10 (from EUR 8-10).
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