We initiate coverage of Sikri with a BUY rec. and NOK 170/sh TP. Sikri provides IT and software solutions to the public sector while the recently acquired Ambita offers digital services to the real estate industry. We find 23x 2022e EBITA vs peers at 35x as attractive for a company with i) market leading positions, ii) a double-digit organic growth rate, iii) margin expansion, iv) market consolidation opportunities, and v) an optionality for Nordic expansion.
