Sdiptech Q1’19: Solid EBITA* growth in line with forecast
While the group EBITA* was in line with forecast, the two most important segments – where Sdiptech is expanding with further acquisitions – came in above our estimate both regarding sales and EBITA* margin. Water & Energy and Special Infrastructure Solutions grew by 10% and 13% in comparable units. We view this quarter as one more step in the right direction, that should shrink the valuation gap relative to peers.