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Etteplan has made a EUR 253m cash offer to buy Swedish Semcon, a direct competitor. We do not expect to see a competing offer. The financing of the deal is arranged, which is why we add Semcon to our estimates from 2023 onwards. The valuation multiples of the deal also look fair for Etteplan, in our view. New customers should bring top-line synergies, but these could take over a year to materialise. The integration process could also turn out to be harder than seen in Etteplan's smaller acquisitions. Short-term risks for both companies are related to industrial activity and the overall macroeconomic environment. Our valuation model, based on a combination of peer group and DCF analyses, suggests a fair value range of EUR 15.2-18.6 (15.1-18.5). Marketing material commissioned by Etteplan.
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