Siili Solutions: A more cautious approach to the new year

By Inderes
Siili's Q4 growth was good, but profitability was below expectations. Economic uncertainty was visible to some extent and there was matching challenges between demand and supply. We expect Siili’s performance to continue improving steadily in the coming years, driven by international operations. The expected return (~15%) consisting of earnings growth, dividend yield and upside in multiples and attractive valuation (23e EV/EBIT 9x) support a positive view of the share.