We increase our Base case to SEK 114. By this report, Sdiptech extends its solid track-record, and despite a powerful stock development lately, the discount to peers is still significant (~30% on 2020 EV/EBIT). Backed by raised EBITA* forecasts and a discount to peers that should decrease as Sdiptech’s solid track-record expands, we still find the stock attractive. Our Base case of SEK 114 implies a potential of ~15%.