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SENASTE
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.
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