We expect Sdiptech to grow by 23% YoY, mostly driven by acquisitions. Our forecast foresees an EBITA* margin of 13.0% (10.2). The increase is partly due to a continued rebound in Sdiptech’s elevator business but also because of the company’s high-margin acquisitions. Sdiptech’s takeovers, made after Q1 2018, have a value-weighted EBITA* margin above 20%, while Sdiptech had 12.5% in 2018. Sdiptech will publish its Q1 2019 report on Friday the 3rd of May.