Siili‘s Q1 report was slightly better than we expected, partly thanks to low comparison numbers. We conclude that the market is stabilising but at a low base. While we still expect modest growth for H2, the uncertainty about a recovery is elevated. With the share now valued at a 2025E EBITDA of c. 5.5x, we think the market is not discounting the future growth prospects that the AI-powered digital consulting house has.
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