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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.
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