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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.
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