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Q1 profitability was better than consensus (Infront) expected. One of the core strengths of Etteplan is proactive utilisation-ratio management, which is why we expect current good profitability to continue this year regardless of the increasing personnel and the tight labour market. Organic sales growth was negative in Q1 and the company will surely put considerable effort into speeding up growth. Etteplan traded at a 30% discount to the peer group on average during the past seven years. The valuation discount has recently declined, which we believe is warranted, as the company-specific risk factors are today lower than in previous years. Our valuation model suggests a EUR 13.8-16.9 (12.8-15.6) fair value range for the share. - Marketing material commissioned by Etteplan
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