Sdiptech reported its Q3 numbers. Even though the report was strong with sales of SEK 516m (+17% y/y and +1% versus our estimate) and EBITA of SEK 91m (+71% y/y and +10% versus our estimate), the share price reaction was limited, potentially due to the strong performance recently. Highlights include the increased EBITA margin guidance for 2020 and that the company still aims to add SEK 90m of EBITA in 2020 (SEK 37m added YTD) through acquisitions. In this context we increase our multiples- and DCF-based valuation range to SEK 165-205 (120-200). - Marketing material commissioned by Sdiptech.

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