Sdiptech has done well for the first three quarters of 2019, reaching its organic target in two out of three Business Areas and acquiring in line with its ambitious target. While the market has started to revalue Sdiptech, which we find rational, at an EV/EBIT of ~12x 2020E, the company is still valued at a 30% discount to peers. We leave our forecasts largely unchanged and lower our WACC slightly, due to Sdiptech’s improving track-record. We raise our Base case to SEK 78 (67).