The market seems to ignore the solid rebound in the elevator niche along with high acquisition activity, as Sdiptech still is trading at a 30-40% discount to peers (EV/EBIT / EV/EBITDA 19/20). We raise our Base case to SEK 51 (48) – excluding future M&A –corresponding to a premium of ~20% relative to the current market price, implying a 10-20% discount to peers.