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We remove Semcon's numbers from our estimates. Ratos offered 5.4% more for Semcon's shares and Etteplan did not upgrade its original offer. Etteplan will surely stay on an acquisition path but will most likely be looking for smaller targets in the future. A possible downturn in 2023 could even make it easier to buy engineering consultants. But weakening economic activity is also a threat for Etteplan's own operations. Earnings growth could stay at bay in 2023, we forecast. Our valuation model, based on a combination of peer group and DCF analyses, suggests a fair value range of EUR 14.2-17.3 (15.2-18.6). Marketing material commissioned by Etteplan.
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