Based on the sales of key peers we cut our 2025-27 estimates for Siili. The cuts for 2025E are fairly modest but we now assume a more moderate recovery for 2026E and hence believe margin improvement will be more challenging. We lower our fair equity value range to EUR 8-10 (9-11). Siili trades on a 2025E EV/EBITDA of 6x, well below average for Nordic peers.
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