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Siili Solutions: Numbers show no improvement yet - SEB

Our read on Siili’s Q3 report is that the market is not set to improve in Q4 and that tight public sector budgets could dampen growth in 2025. However, we think customers’ technological deficits keep piling up, meaning the pent-up demand should burst through at some point. Hence our 2026 estimate changes are muted. Compared with peers, Siili trades at low enough multiples for us to retain a fair value range of EUR 9-11.

Our read on Siili’s Q3 report is that the market is not set to improve in Q4 and that tight public sector budgets could dampen growth in 2025. However, we think customers’ technological deficits keep piling up, meaning the pent-up demand should burst through at some point. Hence our 2026 estimate changes are muted. Compared with peers, Siili trades at low enough multiples for us to retain a fair value range of EUR 9-11.
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