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Redeye: Industry Compounders Update

Redeye raised the sales forecasts for Christian Berner, Lagercrantz, and Sdiptech following stronger forward-looking data in the Q1 reports relative to our forecasts. So far, it seems like the Industry Compounders will handle the Corona crisis rather well, and for 2 out of 3 companies, we raised our EBITA forecast and Base case. Sdiptech remains our top pick in the sector.  Read more and download the Research Update: https://bit.ly/2WJLIbn Start following companies at Redeye to receive the latest equity research within Life Science and Technology. This is a press release from

Redeye: Sdiptech - Solid Demand – restricted movement causing delays

Redeye remains positive to Sdiptech following a Q1 in line with our forecast. While demand remains solid, movement restrictions have and will cause delays, primarily in the UK and DACH. We leave our 2020 and 2021 forecasts largely unchanged and raise our Base case slightly. Read more and download the research update: https://bit.ly/3aTRc77  Start following companies at Redeye to receive the latest equity research within Life Science and Technology. This is a press release from Redeye - Research Powered Investment Banking. https://www.redeye.se/about/

Redeye: Sdiptech - Solid quarter and raised guidance

We increase our Base case to SEK 114. By this report, Sdiptech extends its solid track-record, and despite a powerful stock development lately, the discount to peers is still significant (~30% on 2020 EV/EBIT). Backed by raised EBITA* forecasts and a discount to peers that should decrease as Sdiptech’s solid track-record expands, we still find the stock attractive. Our Base case of SEK 114 implies a potential of ~15%. Read more and download the research update: http://bit.ly/2UG7VGR Start following companies at Redeye to receive the latest equity research within Life Science and

Redeye: Sdiptech - Substantial rebound in PTS

Sdiptech has done well for the first three quarters of 2019, reaching its organic target in two out of three Business Areas and acquiring in line with its ambitious target. While the market has started to revalue Sdiptech, which we find rational, at an EV/EBIT of ~12x 2020E, the company is still valued at a 30% discount to peers. We leave our forecasts largely unchanged and lower our WACC slightly, due to Sdiptech’s improving track-record. We raise our Base case to SEK 78 (67). Read more and download the research update: http://bit.ly/331TRsk Start following companies at Redeye to

Redeye: Sdiptech - Continued operational momentum

While Sdiptech continues to deliver solid reports in line with our expectations, the significant discount (35-45%) to peers remain intact. As we have argued earlier, we believe that the discount should decrease gradually as Sdiptech continues to acquire while organic growth and margins are stable. Our Base case of SEK 51, excluding future acquisitions, implies a potential of 30% relative to the current share price. Read more and download the research update: http://bit.ly/2VwLaa3  Start following companies at Redeye to receive the latest equity research within Life Science and

Redeye: Sdiptech - Solid trend continues

The market seems to ignore the solid rebound in the elevator niche along with high acquisition activity, as Sdiptech still is trading at a 30-40% discount to peers (EV/EBIT / EV/EBITDA 19/20). We raise our Base case to SEK 51 (48) – excluding future M&A –corresponding to a premium of ~20% relative to the current market price, implying a 10-20% discount to peers.  Read more and download the research update: http://bit.ly/2Eewthh Start following companies at Redeye to receive the latest equity research

Redeye: Sdiptech - Infrastructure for Growth

We initiate coverage of Sdiptech. Since the IPO of the preferred share in 2015, the company has made 24 acquisitions. Besides acquisitions, Sdiptech has an ambitious organic growth target of 5-10% annually, which we find optimistic. Nevertheless, we see potential for above-market growth rates in several subsidiaries – in niches such as Climate, Electricity and Water – due to their exposure to structural drivers such as sustainability, safety and convenience. Our Base case, excluding future acquisitions, is SEK 48 i.e. at a 20% premium to the current stock price. Read more and download

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