Etteplan - Profitability better than expected
Etteplan's net sales in Q4 amounted to EUR 70.3m, slightly below our and consensus estimates (EUR 71.8m/71.8m Evli/cons.). EBIT amounted to EUR 7.1m, above our and consensus estimates (EUR 6.5m/6.6m Evli/cons.). Etteplan proposes a dividend of EUR 0.34 per share (EUR 0.33/0.33 Evli/Cons.).
- Net sales in Q4 were EUR 70.3m (EUR 71.6m in Q4/19), slightly below our estimates and consensus estimates (EUR 71.8m/71.8m Evli/Cons.). Growth in Q4 amounted to -2.1% y/y and -6.3% organic.
- EBIT in Q4 amounted to EUR 7.1m (EUR 5.6m in Q4/19), above our estimates and consensus estimates (EUR 6.5m/6.6m Evli/cons.), at a margin of 10.1%.
- EPS in Q4 amounted to EUR 0.23 (EUR 0.16 in Q4/19), above our estimates and consensus estimates (EUR 0.20/0.20 Evli/cons.).
- Engineering Solutions net sales in Q4 were EUR 40.6m vs. EUR 40.1m Evli. EBITA in Q4 amounted to EUR 4.2m vs. EUR 4.0m Evli. The MSI-% in Q4 was 59% compared to 55% in Q4/19.
- Software and Embedded Solutions net sales in Q4 were EUR 17.7m vs. EUR 18.3m Evli. EBITA in Q4 amounted to EUR 2.4m vs. EUR 2.1m Evli. The MSI-% in Q4 was 51% compared to 58% in Q4/19.
- Technical Documentation Solutions net sales in Q4 were EUR 11.9m vs. EUR 13.2m Evli. EBITA in Q4 amounted to EUR 1.3m vs. EUR 1.3m Evli. The MSI-% in Q4 was 80% compared to 79% in Q4/19.
- Dividend proposal: Etteplan proposes a dividend of EUR 0.34 per share (EUR 0.33/0.33 Evli/Cons.).
- Guidance for 2021: Etteplan expects revenue to amount to EUR 280-300m and operating profit (EBIT) to amount to EUR 23-26m (Evli 2021E EUR 290.3m and EUR 24.4m respectively).