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Siili: Still expecting a FY/22 sales guidance beat - SEB

Ahead of Siili’s Q4 report, we slightly cut our EBITA estimates on increasing wage inflation pressure but continue to think the company will lift its FY22 sales guidance. Apart from salary inflation causing margin pressure, our case remains intact: the market for digital IT services is still growing surprisingly healthily and Siili has room to improve the internal efficacy of its core domestic operations. We retain our fair value range of EUR 20-23.

Ahead of Siili’s Q4 report, we slightly cut our EBITA estimates on increasing wage inflation pressure but continue to think the company will lift its FY22 sales guidance. Apart from salary inflation causing margin pressure, our case remains intact: the market for digital IT services is still growing surprisingly healthily and Siili has room to improve the internal efficacy of its core domestic operations. We retain our fair value range of EUR 20-23.
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