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Etteplan - Slightly below expectations

Etteplan's net sales in Q3 amounted to EUR 66.9m, slightly below our estimates and below consensus (EUR 69.3m/71.0m Evli/cons.). EBIT amounted to EUR 4.6m, below our consensus estimates (EUR 5.2m/5.6m Evli/cons.). Guidance specified: Etteplan expects revenue to amount to EUR 295-310m (prev. EUR 295-315m) and operating profit (EBIT) to amount to EUR 25-28m.
  • Net sales in Q3 were EUR 66.9m (EUR 55.2m in Q3/20), slightly below our estimates and below consensus estimates (EUR 69.3m/71.0m Evli/Cons.). Growth in Q3 amounted to 21% y/y, of which 13.8% organic growth.
  • Operating profit in Q3 amounted to EUR 4.6m (EUR 4.3m in Q3/20), below our estimates and consensus estimates (EUR 5.2m/5.6m Evli/cons.), at a margin of 6.9%.
  • EPS in Q3 amounted to EUR 0.14 (EUR 0.13 in Q3/20), below our estimates and consensus estimates (EUR 0.16/0.17 Evli/cons.).
  • Engineering Solutions net sales in Q3 were EUR 36.9m vs. EUR 39.5m Evli. Operating profit in Q3 amounted to EUR 3.0m vs. EUR 3.6m Evli.
  • Software and Embedded Solutions net sales in Q3 were EUR 18.1m vs. EUR 17.8m Evli. Operating profit in Q3 amounted to EUR 1.6m vs. EUR 1.8m Evli.
  • Technical Documentation Solutions net sales in Q3 were EUR 11.8m vs. EUR 11.8m Evli. Operating profit in Q3 amounted to EUR 1.2m vs. EUR 1.0m Evli.
  • Guidance specified: Etteplan expects revenue to amount to EUR 295-310m (prev. EUR 295-315m) and operating profit (EBIT) to amount to EUR 25-28m.
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