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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.
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