We expect Siili to have continued the improved earnings momentum in Q2. We think that the Core operations margin remains well below its potential and so we will focus on management’s comments on this area. Although increasing macro uncertainty could result in a calmer market for digital IT Services, we think the overall market will remain in growth. Hence, we find Siili attractively valued at EV/EBITDA of 7x. We trim our fair value range to EUR 22-24.

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