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Sitowise will achieve strong growth this year, but overall cost increases and front-loaded growth investments will push the earnings level clearly below the company's historical and potential levels. Organic growth generated by the strong order book and acquisitions will continue to support growth until next year, although a market slowdown due to a fall in construction investments is expected. We also expect the increased resources caused by growth to produce better next year, which, together with declining subcontracting costs, will generate earnings growth next year. Despite the drop in the recommendation, we see that Sitowise's growth, earnings potential and quality still leaves a clear upside in the valuation.

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Trade. (Sitowise)