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Digia

Analyst

Joni Grönqvist

Joni Grönqvist

Analyytikko

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Net impact profile

Third party research
6.5.
2021

Digia reported strong Q1 margins but its guidance makes us uncertain about the rest of the year. The high margins due to temporary savings may not be sustainable, which limits earnings growth even when organic growth picks up.

Third party research
5.5.
2021

Digia reported strong Q1 margins but its guidance makes us uncertain about the rest of the year. The high margins due to temporary savings may not be sustainable, which limits earnings growth even when organic growth picks up.

Third party research
11.2.
2021

Digia's guidance and outlook comments indicate EBITA will decline in 2021E y/y, ending a long streak of improvement. We expect growth to accelerate in 2022-23E and continue to see attractive longer-term growth potential, but for now the share looks fully valued after a strong run. We increase our 12M fair value range to EUR6-8 from EUR6-7.
Third party research
16.12.
2020

We estimate that the acquisition adds 9% to Digia's 2021E sales and is margin-dilutive initially (4.8% EBIT margin in 2019 vs. Digia 2020E 9.6%). We estimate 2021E net debt / EBITDA of 0.7x after the acquisition vs. 0.1x before it. Therefore, Digia can afford to do even more bolt-on M&A going forward. Valuation on EV/Sales is rouhgly in line with Digia's own, but on EV/EBIT above Digia's due to lower margins.

Third party research
21.10.
2020

Inderes Q&A
21.6.
2017

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Digia

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