Sdiptech AB (publ)

“Sdiptech operates a proven acquisition flywheel in defensible European infrastructure niches, trading at a real 7-10 turn EV/EBITA discount to Nordic peers — but the discount reflects genuine execution risk: a margin target reset from 25% to 15%, leverage near the self-imposed 3x ceiling with a negative ROE print signaling at least one goodwill impairment, and a new CEO without a Sdiptech track record. The long-term compounding case is plausible (2-2.5x over a decade) but not compelling enough to warrant conviction at SEK 235 — a better entry at SEK 185-200 would materially improve the risk/reward, and sustained post-pruning EBITA margins above 22% are the proof point needed to upgrade the thesis.”