Sdiptech Q2’19: EBITA* 20% above forecast, solid in all segments

EBITA* came in ~20% above our forecast on the group level, and all three segments had higher EBITA* than expected. Water & Energy and Special Infrastructure Solutions grew by an impressive 13% and 23% in comparable units YoY. While the revenue in Property Technical Services, as expected, fell by ~10% YoY, the margin level was strong, indicating that the focus on profitable niches within elevators is working well. We will likely increase our forecasts and Fair Value.