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Siili: Ticking the boxes of investment case - SEB

We find that Siili’s H1 report confirms that the case is advancing as expected. The Core operations continue their gradual internal improvement, with profitability still well below potential. Meanwhile the key growth drivers are the international operations, where Siili Auto and Supercharge are delivering robust growth. We think the next trigger will likely be another move in M&A, for which the company has some EUR 40-50m capacity, we estimate.

We find that Siili’s H1 report confirms that the case is advancing as expected. The Core operations continue their gradual internal improvement, with profitability still well below potential. Meanwhile the key growth drivers are the international operations, where Siili Auto and Supercharge are delivering robust growth. We think the next trigger will likely be another move in M&A, for which the company has some EUR 40-50m capacity, we estimate.
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