Redeye believes Sdiptech's Q1 report was solid despite a drop in organic sales and adjusted EBITA which was expected. The cash flow was strong supported by the slower organic growth and improved working capital management. The company signals that the uncertain macro climate is impacting some customers and we are encouraged that Sdiptech is not resting on its laurels but is implementing tough measures to increase efficiency. We will likely make minor changes to our estimates and valuation on the back of this report.
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