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Nyhetsflöde Etteplan

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2/9/2024 8:12:35 AM - Etteplan: Back to profitable growth track - Evli - The outlook for 2024 looks brighter after the tough 2023. We estimate profitable growth fueled by market recovery in H2, inorganic growth, and continued self-help.
2/8/2024 11:50:20 AM - Etteplan: Before the dawn the darkest hour - Evli - Etteplan's Q4 results were as expected, following the preliminary numbers released with January's profit warning. Etteplan targets growth and improved profitability in 2024 following a tough 2023.
1/19/2024 8:48:21 AM - Etteplan: Difficulties continued during Q4 - Evli - Etteplan gave a profit warning as its EBIT fell short of expectations in Q4. The profit warning came as no surprise as the guidance allowed little margin for error in Q4. The EBIT miss vs. our estimates was only slight, roughly 2%.
1/18/2024 6:19:26 AM - Finska teknikkonsulten Etteplan vinstvarnar - Finska teknikonsultbolaget Etteplan, som även är verksamt i bland annat Sverige, vinstvarnar för 2023.
11/1/2023 6:09:17 AM - Etteplan: Uncertainties remain high - Evli - Etteplan reported Q3 figures that were below our estimates. The company’s sales and EBIT were at EUR 80.0m (Evli est. EUR 81.7m) and EUR 5.0 (Evli est. EUR 5.8m) respectively. The main drivers behind the lower-than-expected results were Technical Communication and Engineering Solutions service areas.
10/31/2023 11:39:54 AM - Etteplan: Softness continues - Evli - Etteplan’s sales and EBIT for Q3 were lower than expected at EUR 80.0m and EUR 5.0m respectively. Market remained tough as customers remain slow to make decisions on starting new projects.
10/25/2023 7:38:41 AM - Etteplan: Slower quarter ahead - Evli - Etteplan reports Q3 results on October 31st. We anticipate a slower quarter due to the prevailing market conditions and seasonality. After slight changes to our estimates, we retain our HOLD-rating with a TP of EUR 13.0.
9/19/2023 6:21:35 AM - Etteplan: Lowers 2023 guidance - Evli - Etteplan issued a profit warning and lowered its guidance for FY 2023. The profit warning doesn’t come as a surprise considering the soft H1 which increased pressure for the rest of the year, as outlined in our previous update.
9/18/2023 9:10:41 AM - Etteplan vinstvarnar för helåret - Finska Etteplan sänker sina utsikter för helåret till följd av en svagare än förväntad affärsutveckling under det tredje kvartalet.
8/11/2023 6:24:15 AM - Etteplan: Weaker market beginning to show - Evli - Etteplan reported Q2 results that were below our estimates. Etteplan’s sales and EBIT from business operations were at EUR 89.8m (Evli est. EUR 93.2m) and EUR 6.1m (Evli est. EUR 7.8m) respectively. The Software and Embedded Solutions segment underperformed due to market weakness, especially in early Q2
8/10/2023 7:24:54 AM - Etteplan: Profitability below expectations - Evli - Etteplan’s sales and EBIT from business operations were at EUR 89.8m and EUR 6.1m respectively. EBIT was below our estimates especially due to weaker profitability in Software and Embedded solutions.
5/12/2023 7:47:42 AM - Etteplan: Good quarter excluding NRI’s - Evli - Etteplan’s continued good performance in Q1 was overshadowed by significant non-recurring items. The outlook still remains quite decent in the uncertain market.
5/11/2023 10:50:17 AM - Etteplan: Good operative performance - Evli - Etteplan's net sales in Q1 amounted to EUR 95.0m, slightly above our and consensus estimates (EUR 92.0m/91.7m Evli/cons.). EBIT amounted to EUR 6.3m, below our estimates and below consensus (EUR 7.4m/7.0m Evli/cons.), but excluding EUR 2.0m in NRI’s, the profitability exceeded our expectations.
2/20/2023 7:50:15 AM - Etteplan: Looking quite good despite headwinds - Evli Research - Despite a below expectations Q4, at least partly due to increased sickness-related absences, we see slightly improving expectations for 2023. We adjust our target price to EUR 16.0 (15.0), HOLD-rating intact.
2/17/2023 8:50:29 AM - Etteplan: Guidance quite decent - Evli - Etteplan's net sales in Q4 amounted to EUR 91.0m, below our estimates and below consensus (EUR 99.0m/98.0m Evli/cons.). EBIT amounted to EUR 8.4m, below our estimates and below consensus (EUR 8.9m/9.0m Evli/cons.). Dividend proposal: Etteplan proposes a dividend of EUR 0.36 per share (EUR 0.32/0.34 Evli/Cons.).
2/15/2023 8:09:53 AM - Etteplan: Market outlook uncertainties - Evli - Etteplan reports its Q4 results on February 17th. Sights are already set on the outlook for 2023, with our expectations being on a notable y/y slow-down in growth.
2/15/2023 7:50:11 AM - Etteplan: Market outlook uncertainties - Evli Research - Etteplan reports its Q4 results on February 17th. Sights are already set on the outlook for 2023, with our expectations being on a notable y/y slow-down in growth.
12/30/2022 7:16:29 AM - Etteplan: Termination of commissioned research - Nordea - We terminate commissioned coverage on Etteplan. Note that estimates and information have not been updated in this report, and will no longer be updated. Any previously published research may thus be out of date.
11/1/2022 7:27:44 AM - Etteplan: Downgrade to HOLD - Evli - Etteplan’s operative performance was good in Q3 although bottom-line figures were weaker than expected. The market outlook appears to be taking some toll on growth ambitions and uncertainty is increasing. We lower our rating to HOLD (BUY) with a target price of EUR 13.5 (15.0).
11/1/2022 6:46:15 AM - Etteplan: Clean EBIT might not improve next year - Nordea - Q3 net sales were 3% above Refinitiv consensus. The company has not faced any remarkable demand weakness and expects Q4 2022 to be a solid quarter as well, but its full-year revenue and EBIT guidance midpoints were still downgraded by 1-2%. Etteplan aims to prepare its operations for a possible downturn by tightening the recruitment policies. We believe the company wants to safeguard its profitability in 2023 by trimming part of its growth potential, which could be the right move. Our valuation model, based on a combination of peer group and DCF analyses, suggests a fair value range of EUR 13.4-16.4 (14.2-17.3). Marketing material commissioned by Etteplan.
10/31/2022 9:14:47 AM - Etteplan: Good Q3 but uncertainty has increased - Nordea - The company’s net sales was EUR 80.3m and 3% above market (Refinitiv) consensus in Q3. Clean EBITA was EUR 7.8m in Q3 and also over consensus. However, market consensus of EUR 5.5m (EBITA) may have included one-offs from failed acquisition. Operating cash flow was EUR 4.1m in Q3. Etteplan do not see major changes in end demand and expects Q4 2022 to be fairly solid. But the demand situation in China somewhat weakened in Q3. Etteplan will also adopt a slightly more cautious policy with regards to recruitments. The company could prefer profitability over sales growth in 2023 we believe. Etteplan is a late cyclical company why demand weakness could come a bit later and not yet visible for the company. In any case, full year 2022 guidance midpoint was slightly downgraded due to uncertain market environment. We also agree that uncertainty related to industrial investments and order backlogs have increased.
10/31/2022 8:27:56 AM - Etteplan: Good operational performance - Evli - Etteplan's net sales in Q3 amounted to EUR 80.3m, slightly above our and consensus estimates (EUR 78.1m/78.4m Evli/cons.). EBIT amounted to EUR 5.8m, above our estimates and above consensus estimates (EUR 4.7m/5.2m Evli/cons.). Guidance for 2022 specified: revenue EUR 345-360m (EUR 340-370m) and EBIT 28-31m (EUR 28-32m).
10/17/2022 6:27:58 AM - Etteplan: Closing one chapter - Evli - We revise our estimates due to the financial impact of the unsuccessful Semcon acquisition and accordingly lower our target price to EUR 15.0 (18.0).
10/3/2022 7:30:24 AM - Etteplan: Semcon acquisition failed - Nordea - We remove Semcon's numbers from our estimates. Ratos offered 5.4% more for Semcon's shares and Etteplan did not upgrade its original offer. Etteplan will surely stay on an acquisition path but will most likely be looking for smaller targets in the future. A possible downturn in 2023 could even make it easier to buy engineering consultants. But weakening economic activity is also a threat for Etteplan's own operations. Earnings growth could stay at bay in 2023, we forecast. Our valuation model, based on a combination of peer group and DCF analyses, suggests a fair value range of EUR 14.2-17.3 (15.2-18.6). Marketing material commissioned by Etteplan.
9/27/2022 4:31:10 AM - Etteplan höjer inte budet på Semcon - Finska Etteplan har beslutat sig för att inte höja sitt bud på Semcon efter att Ratos lagt ett högre konkurrerande bud.
9/26/2022 10:47:17 AM - Inte omöjligt att Etteplan kommer med motbud på Semcon enligt analytiker - Realtid - Ratos meddelade under måndagsmorgon att det lagt ett bud på konsultbolaget Semcon värt 157 kronor per aktie.
9/26/2022 5:23:50 AM - Ratos lägger bud på Semcon för 157 kronor aktien - utmanar Etteplan (uppdatering) - (Uppdateringen gäller tillägg av de 5 sista styckena)
9/26/2022 5:16:46 AM - Ratos lägger bud på Semcon för 157 kronor aktien - utmanar Etteplan - Bolagsgruppen Ratos har lagt ett rekommenderat kontanterbjudande om 157 kronor per aktie på Semcon. Det motsvarar ett totalbelopp på cirka 2,77 miljarder kronor. Det framgår av ett pressmeddelande.
9/13/2022 1:47:57 PM - Konkurrensverket ger grönt ljus för Etteplans förvärv av Semcon - Etteplan har fått tillstånd av svenska Konkurrensverket att förvärva Semcon, enligt ett pressmeddelande.
8/29/2022 5:41:44 AM - Etteplan: Semcon acquisition offers jump to a new level - Nordea - Etteplan has made a EUR 253m cash offer to buy Swedish Semcon, a direct competitor. We do not expect to see a competing offer. The financing of the deal is arranged, which is why we add Semcon to our estimates from 2023 onwards. The valuation multiples of the deal also look fair for Etteplan, in our view. New customers should bring top-line synergies, but these could take over a year to materialise. The integration process could also turn out to be harder than seen in Etteplan's smaller acquisitions. Short-term risks for both companies are related to industrial activity and the overall macroeconomic environment. Our valuation model, based on a combination of peer group and DCF analyses, suggests a fair value range of EUR 15.2-18.6 (15.1-18.5). Marketing material commissioned by Etteplan.
8/24/2022 7:01:59 AM - Etteplan: Seeking big leap in growth story - Evli - Etteplan announced a recommended cash offer for Swedish technology company Semcon. The transaction would strengthen the market position and appears favourable for shareholders of both companies. We adjust our TP to EUR 18 (16) and upgrade our rating to BUY (HOLD).
8/23/2022 10:23:47 AM - Etteplan is buying Semcon for EUR 258m - Nordea - Etteplan offers SEK 149 per Semcon’s share, which is 32% over yesterdays’ close price. The board of directors of Semcon has recommended to accept the offer. A competitive offer is possible but not likely we believe. The proposed deal indicates EV/S valuation of 1.3x compared to Etteplan’s own EV/S of 1.2x (peer group median 1.3x). The transaction is not very expensive but timing is interesting. Etteplan is late-cyclical company and economic indicators forecasts weak years for engineering consults. However, Etteplan has a very successful M&A track record which gives confidence for today’s announcement. Semcon has 2,000 employees in seven countries compared to Etteplan with 4,000 workers in 8 countries. The combined company would become a Nordic market leader in technology services for industries. The also deal offers new customers, like Volvo Cars and to AstraZeneca, for Etteplan. Annual synergies are estimated to be over EUR 5m. Market consensus (Refinitiv) for Semcon’s EBIT 2022E has been SEK 184m. Added with full synergies, the deal would be under Etteplan’s own EV/EBIT valuation (peer group EV/EBIT median 13x).
8/23/2022 7:31:44 AM - Etteplan: Announces cash offer for Semcon - Evli - Etteplan announced a recommended cash offer of SEK 149 per Semcon’s share, for a total value of approx. SEK 2,699m. Semcon would in our view be a suitable fit for Etteplan, strengthening the service offering and international presence along with offered synergy effects.
8/23/2022 6:12:44 AM - Etteplan lägger bud på Semcon värt 149 kronor per aktie - premie på 31,6 procent - Finska Etteplan lägger bud på teknikkonsulten Semcon och erbjuder 149 kronor per aktie i kontanter. Det värderar Semcon till cirka 2,7 miljarder kronor och budpriset motsvarar en premie om 31,6 procent jämfört med måndagens stängningskurs om 113,2 kronor.
8/11/2022 6:26:32 AM - Etteplan: Market environment main concern - Evli - Etteplan continued to post good growth figures in Q2, but profitability came in slightly soft. Etteplan expects the demand situation to remain fairly good throughout 2022, but we see some added uncertainty going forward.
8/11/2022 5:53:06 AM - Etteplan: Likelihood of demand weakening has increased - Nordea - Q2 EBITA was 7% below Refinitiv consensus due to lower utilisation rates and higher costs, but some of the cost pressure should be temporary. End demand has been good to date. Results in 2023 will be largely determined by the overall macroeconomic environment, industrial activity and new R&D projects, but we argue there is more potential downside than upside for the 2023 organic revenue growth and EBIT. Our valuation model, based on a combination of peer group and DCF analyses, suggests a fair value range of EUR 15.1-18.5. Marketing material commissioned by Etteplan.
8/10/2022 11:09:45 AM - Etteplan: Small weakness in profitability in Q2, full year guidance unchanged - Nordea - Revenue growth was close to consensus (Refinitiv) but EBITA came 7% below consensus in Q2. Adjusted EBITA in Software and Technical documentation segments were also under our expectations in Q2. Project postponements combined with unexpected demand variation reduced efficiency and utilisation ratios leading to a weaker than expected profitability. Travelling and training expenses were also up in Q2 y/y. However, the number of hours sold in the Chinese market was down only by 1.6% y/y in Q2 which was good performance taking into account COVID-19 lockdowns in the country. Operating cash flow was only EUR 4.4m in Q2. Increased receivables and higher expenses had a negative effect on cash flow in Q2. Full year guidance was unchanged. Etteplan is relatively confident for the demand situation in H2 2022. But uncertainty related to industrial investments and order backlogs has increased.
8/10/2022 10:46:39 AM - Etteplan: Solid growth continues - Evli - Etteplan's net sales in Q2 amounted to EUR 89.3m (EUR 88.8m/89.9m Evli/cons.), with continued solid growth of 19% y/y (10.3% organic). EBIT amounted to EUR 6.8m (EUR 7.4m/8.0m Evli/cons.), with lower relative profitability y/y due to among other things increases in personnel events as well as sick leaves and holidays.
5/6/2022 7:08:16 AM - Etteplan: Outlook still fairly favourable - Evli - Etteplan saw strong growth and good profitability in Q1. Presently, no clear signs of a notable deterioration in the demand situation appear to be seen, but the uncertainty has understandably increased.
5/6/2022 6:49:18 AM - Etteplan: End demand looks good in the near term - Nordea - Etteplan is quite confident it can achieve healthy sales growth and stable margins for the rest of this year. We believe organic revenue growth could remain around 5-10% in the near term, but uncertainty related to the economic outlook could reduce investments and hurt Etteplan's growth prospects next year. The company's profitability is at a healthy level and we do not believe it can climb much higher, but economic and geopolitical uncertainties combined with wage inflation offer little support for Etteplan's operating profit margin. Our valuation model, based on a combination of peer group and DCF analyses, now suggests a fair value range of EUR 15.1-18.5 (15.4-18.8) for the share. Marketing material commissioned by Etteplan.
5/5/2022 10:51:04 AM - Etteplan: Q1 was 5% over consensus, full year 2022 guidance was confirmed - Nordea - Regardless of geopolitical tensions and COVID-19 related sickness absences, Etteplan reported a good result in Q1. Full year 2022 sales and EBIT guidance was also confirmed. The end demand for Etteplan’s engineering services has stayed healthy in Q1 but near term risk is related to investment environment. The shutdowns in China could also be more visible in Q2 than yet in Q1. One core strength of the company is proactive utilisation ratio management why we are not overly worried about the profitability in 2022. We forecast market consensus for 2022 EBIT to be upgraded by 2-3% after the Q1 earnings announcement.
5/5/2022 10:39:50 AM - Etteplan: Solid growth in Q1 - Evli - Our concerns for a softer Q1 were clearly unfounded, as Etteplan's net sales grew 23% to EUR 89.6m, above our estimates and slightly above consensus (EUR 81.2m/87.7m Evli/cons.). EBIT amounted to EUR 7.6m, above our and consensus estimates (EUR 6.5m/6.9m Evli/cons.).
5/3/2022 6:53:50 AM - Etteplan: Anticipating some softness - Evli - Etteplan reports Q1 results on May 5th. We remain on the cautious side due to the seen increase in sick leaves. Some uncertainty is brought by Ukraine crisis but overall, we see no major changes to our views.
2/11/2022 8:42:10 AM - Etteplan: Expectations set quite high for 2022 - Evli Research - Q4 quite in line with expectations
2/11/2022 8:30:22 AM - Etteplan: Keeping up the good speed - Nordea - Sales growth in Q4 was slightly better than consensus (Refinitiv) expected, with organic growth of 15% y/y. The company's profitability has also been decent, reaching the long-term target in Q4 and also for full-year 2021. Guidance indicates that the sales growth will continue and the EBIT margin is expected to stay close to 8.5% in 2022. However, the most recent uncertainty related to the construction sector in China could be one risk factor for this year. Another topic could be the profitability of German Cognitas, acquired in Q1 2022, but overall it is hard to find a weak spot. Our valuation model, based on a combination of peer group and DCF analysis, suggests a fair value range of EUR 15.4-18.8 (14.6-17.8) for the share. Marketing material commissioned by Etteplan.
2/10/2022 12:39:55 PM - Etteplan: Quite as expected, good guidance - Evli - Etteplan's net sales in Q4 amounted to EUR 85.3m (EUR 82.9m/82.9m Evli/cons.) and operating profit to EUR 7.8m (EUR 7.9m/8.1m Evli/cons.). Dividend proposal: EUR 0.40 per share (EUR 0.40/0.40 Evli/Cons.). 2022 guidance: revenue EUR 340-370m and operating profit EUR 28-32m.
2/8/2022 8:03:31 AM - Etteplan: Set for continued good growth - Evli - Etteplan reports Q4 results on February 10th, with expectations of rather good growth and margins. Growth is set to continue in the double-digits in 2022 with the recent acquisitions.
12/1/2021 9:56:31 AM - Freemelt och Etteplan ingår strategiskt samarbete inom 3D-printing - 3D-skrivarbolaget Freemelt och finska Etteplan har inlett ett strategiskt samarbete för att tillsammans utveckla Freemelts kommande industriella 3D-skrivare. Det framgår av ett pressmeddelande.
10/29/2021 7:31:26 AM - Etteplan: Investing into future growth - Evli - Etteplan’s Q3 fell slightly short of our estimates. Investments into growth should bear fruition in 2022 but near-term cost and demand uncertainty is seen.
10/29/2021 7:27:49 AM - Etteplan: An unexpected hit to margins - Nordea - Net sales in Q3 were 6% below Infront consensus while EBIT was 17% below. The surprisingly weak results were due to delayed new projects and weak utilisation ratios. Etteplan expects the situation to improve in Q4, but we still downgrade our sales forecast for 2021 by 2%. However, the company's margin volatility is usually very low and we expect it to stay that way. Our valuation model, based on a combination of peer group and DCF analysis, suggests a new fair value range of EUR 14.6-17.8 (15.1-18.5) for the share. Marketing material commissioned by Etteplan.
10/28/2021 9:39:32 AM - Etteplan: Slight weakness in Q3 - Nordea - Etteplan witnessed some demand weakness for engineering services begin of Q3. Organic sales growth was high 14% in Q3 y/y but that is more related to a weak comparison point rather than totally new customers and projects. The global shortage of components has now even reached engineering services taking down the company’s utilisation ratios. Operating profit margin in Q3 was 6.9% which was the lowest figure for many years. Expectations for Q4 2021 are still positive and we expect efficiency to improve late 2021. One core strength of the company is proactive utilisation ratio management why we are not overly worried about the profitability. However, risks related to China and engineering service pricing in Europe have increased according to our analysis.
10/28/2021 7:56:26 AM - Etteplan: Slightly below expectations - Evli - Etteplan's net sales in Q3 amounted to EUR 66.9m, slightly below our estimates and below consensus (EUR 69.3m/71.0m Evli/cons.). EBIT amounted to EUR 4.6m, below our consensus estimates (EUR 5.2m/5.6m Evli/cons.). Guidance specified: Etteplan expects revenue to amount to EUR 295-310m (prev. EUR 295-315m) and operating profit (EBIT) to amount to EUR 25-28m.
10/26/2021 6:54:17 AM - Etteplan: Seasonal slowness ahead - Evli - Etteplan reports its Q3 results on October 28th. We expect to see solid growth figures on the weak comparison period and continued good profitability, with some reservation for potential cost inflation. We retain our HOLD-rating and target price of EUR 17.5.
8/12/2021 6:37:39 AM - Etteplan: Sights set on growth - Evli - Etteplan’s Q2 results were quite in line with expectations. Growth is set to return to double digits this year and Etteplan is taking steps to keep the momentum going. Etteplan also raised its 2021 revenue guidance on the positive H1 development to EUR 295-315m (285-305m).
8/12/2021 5:42:49 AM - Etteplan: Strong growth and good profitability - Nordea - Etteplan has good visibility into H2 2021, but the key issue is how long the current upturn will last. The economic cycle looks promising for 2022 but a further improvement in the EBIT margin might be difficult to achieve. The short-term risks are low and demand is good, so we raise our estimates by 4%. The new full-year revenue guidance midpoint indicates 17% growth, 9% of which could be organic, we calculate. Our valuation model suggests a fair value range of EUR 15.1-18.5 (13.8-16.9) for the share. Based on our estimates, the company's P/E for next year is 20.1x (peer group: 20.3x). The valuation discount to peers has vanished, which we believe is warranted by the company's performance. Marketing material commissioned by Etteplan.
8/11/2021 12:22:03 PM - Etteplan: Figures in line, guidance specified - Evli - Etteplan's net sales in Q2 amounted to EUR 75.0m, in line with our and consensus estimates (EUR 73.7m/73.6m Evli/cons.). EBIT was also quite in line with our estimates and slightly below consensus, at EUR 6.7m (EUR 6.5m/7.3m Evli/cons.). Guidance specified: Etteplan expects revenue to amount to EUR 295-315m (prev. EUR 285-305m) and operating profit (EBIT) to amount to EUR 25-28m.
8/9/2021 6:52:30 AM - Etteplan: Improving on weak comparison figures - Evli - Etteplan reports Q2 results on August 11th and we expect notable improvement from the weak comparison period. Etteplan has continued its growth strategy, acquiring three smaller companies since Q1. We adjust our TP to EUR 17.5 (16.0) on elevated peer multiples, HOLD-rating intact.
5/6/2021 6:32:40 AM - Etteplan: Looking better and better - Evli Research - Better than expected start to the year
5/6/2021 6:28:34 AM - Etteplan: Profitability set to remain good - Nordea - Q1 profitability was better than consensus (Infront) expected. One of the core strengths of Etteplan is proactive utilisation-ratio management, which is why we expect current good profitability to continue this year regardless of the increasing personnel and the tight labour market. Organic sales growth was negative in Q1 and the company will surely put considerable effort into speeding up growth. Etteplan traded at a 30% discount to the peer group on average during the past seven years. The valuation discount has recently declined, which we believe is warranted, as the company-specific risk factors are today lower than in previous years. Our valuation model suggests a EUR 13.8-16.9 (12.8-15.6) fair value range for the share. - Marketing material commissioned by Etteplan
5/5/2021 11:14:41 AM - Etteplan: Good profitability should continue 2021 - Nordea - Net sales was close to market consensus in Q1 but the company’s profitability was clearly better than market consensus (Infront) expected. Profitability in Q1 was supported by cost savings resulting from the pandemic. Furthermore, the pandemic has reduced travel-related expenses. However, cost structure could be more normal in H2 2021. But Etteplan sees positive trend to continue during the year and upgraded full year EBIT guidance midpoint even by EUR 2m (8%). Operating cash flow stood at EUR 1.3m (2.2m a year ago) in Q1.
5/5/2021 10:39:00 AM - Etteplan: Solid figures and guidance upgrade - Evli - Etteplan's net sales in Q1 amounted to EUR 73.0m, in line with our estimates and consensus (EUR 71.1m/71.3m Evli/cons.). EBIT amounted to EUR 6.6m, above our estimates and above consensus estimates (EUR 5.4m/5.5m Evli/cons.). Guidance specified: Etteplan expects revenue to amount to EUR 285-305m (280-300m) and operating profit (EBIT) to amount to EUR 25-28m (23-26m).
4/29/2021 5:18:37 AM - Etteplan: Demand and growth in focus - Evli Research - Expect a decent start to the year
2/12/2021 8:42:38 AM - Etteplan: High expectations visible in the share price - Nordea - Profitability was at a very good level, but net sales came in slightly below the market consensus (Refinitiv) in Q4. The full-year revenue guidance midpoint indicates as high as 12% growth for this year, of which some 6% could be organic we calculate. Most likely the operating profit margin cannot be improved further, we argue, but the overall momentum in end-demand and in earnings growth looks favourable and will most likely stay that way in H1 2021E. On our estimates, the company's P/E for this year is 20.5x (peer group 18.6x). Our valuation model suggests a EUR 12.8-15.6 (10.7-13.1) fair value range for the share.
2/12/2021 8:01:06 AM - Etteplan: Moving towards better conditions - Evli Research - Etteplan reported better than expected profitability figures in Q4. The guidance for 2021 is in line with our expectations and we make no larger changes to our estimates. Uncertainty in demand pick-up is still present and we expect a sluggish start to 2021. We retain our SELL-rating and target price of EUR 13.6.
2/11/2021 11:33:38 AM - Etteplan: Profitability better than expected - Evli Research - Etteplan's net sales in Q4 amounted to EUR 70.3m, slightly below our and consensus estimates (EUR 71.8m/71.8m Evli/cons.). EBIT amounted to EUR 7.1m, above our and consensus estimates (EUR 6.5m/6.6m Evli/cons.). Etteplan proposes a dividend of EUR 0.34 per share (EUR 0.33/0.33 Evli/Cons.).
2/9/2021 8:31:45 AM - Etteplan: Eyeing growth pick-up in 2021 - Evli Research - We expect Etteplan to report solid Q4 figures and propose a dividend distribution of EUR 0.33 per share. With the acquisition of TekPartner we now expect double-digit growth in 2021. With valuation now at levels that we find hard to justify, we lower our rating to SELL (HOLD) with a target price of EUR 13.6 (12.4)
12/21/2020 7:41:02 AM - Etteplan: Signs of improved demand activity - Evli Research - 2020 revenue and EBIT guidance raised
12/18/2020 7:30:55 AM - Etteplan: Demand returning ahead of expectations - Nordea - Etteplan upgraded its guidance on 17 December, as demand for its services has improved during the latter part of the year. It seems that in the light of positive vaccine news, uncertainty has decreased and companies have released investments for the future.
10/30/2020 8:56:02 AM - Etteplan: No clear demand relief in sight yet in Q4 - Nordea - The third quarter was well in line with our estimates, but we downgrade our forecasts for Q4 because the demand recovery is postponed. However, the company's profitability will remain good due to strict cost discipline. We do not think that debt and cash flow pose a threat to the company even if the current market weakness were to persist for several quarters. The company has even invested in its offering and portfolio by acquiring Tegema in September. For Etteplan, sales growth will return with a slight delay when customers start to invest again, but that could require a pathway out of COVID-19 with the help of a vaccine. Our valuation model suggests a EUR 9.3-11.4 (9.5-11.6) fair value range for the share. Marketing material commissioned by Etteplan.
10/30/2020 8:43:08 AM - Etteplan: Shroud of uncertainty - Evli Research - Earnings beat in challenging quarter
10/27/2020 6:59:51 AM - Etteplan: Weaker Q3 figures expected - Evli Research - Seasonal slowness and COVID-19 impact
9/30/2020 8:08:57 AM - Etteplan: Proactive management of margins - Nordea - We upgrade our EPS estimates to reflect that Etteplan has been able to sustain very good utilisation rates during the summer and profitability has not come under pressure. An elastic business model, proactive management, cost discipline and a state-of-the-art service offering have provided a good shield against market turmoil. Our forecast for organic net sales in Q3 is still 11% lower than a year ago, but a market recovery will support revenue in coming quarters. Most likely, Etteplan will continue its M&A strategy and we do not see the balance sheet as a risk factor. Our valuation model suggests a EUR 9.5-11.6 fair value range for the share.
8/14/2020 8:17:21 AM - Etteplan: Results much better than feared - Nordea - Good management of utilisation ratios and tight cost discipline led to better profitability in Q2 than we had forecast. Furthermore, the decline in net sales was not as bad as we had expected. There is still limited visibility for business opportunities but we expect proactive management, as seen in Q2, to keep risk levels modest in H2 2020. Cash in hand is EUR 26m, net gearing is 53% and the equity ratio 38%; we therefore do not see liquidity or financing becoming a problem. Because the profitability was very good in Q2, we see little room for further EBITA margin improvement in H2 2020. The next positive trigger could be organic sales growth but we do not expect this to materialise yet in H2 2020
8/12/2020 6:34:25 AM - Etteplan: Still a bumpy road ahead - Evli Research - Timely cost reduction actions kept profitability strong
8/10/2020 7:23:11 AM - Etteplan: Weaker result to be expected - Evli Research - Weaker Q2 but rapid adaption should limit some downside
5/6/2020 10:31:00 AM - Etteplan: Better than feared – Evli Research - Etteplan: Better than feared – Evli Research