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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.

Despite this challenging period, Etteplan has maintained good profitability throughout the year with strict cost discipline, which we believe will also boost Q4 profitability to record levels. Going forward, we think Etteplan's investment in digital businesses will offer the company a good growth path out from the pandemic, improve its competitive edge and create new opportunities.

Our valuation model suggests a EUR 10.7-13.1 (9.3-11.4) fair value range for the share.

Marketing material commissioned by Etteplan.
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