Siili’s close peer Gofore showed strong growth of 10% in Q2, which shows that the structural demand for digital IT services remains high even during the COVID-19 pandemic. Apart from certain client verticals, we expect that it has not been as bad for Siili either as the company serves customers in their business-critical projects. Looking at the COVID-19 impact in the medium to long-term horizon we expect the demand for digital services to increase as companies increase their digital capabilities to remote working and new customer interaction.
Indicative fair value range of EUR 11-13
Siili continues to trade at a discount to the Nordic small IT service companies. Furthermore, our DCF suggests clear upside potential in the valuation. We finetune our fair value range to EUR 11-13 (from EUR 11-12).
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