Etteplan - Solid figures and guidance upgrade

Etteplan's net sales in Q1 amounted to EUR 73.0m, in line with our estimates and consensus (EUR 71.1m/71.3m Evli/cons.). EBIT amounted to EUR 6.6m, above our estimates and above consensus estimates (EUR 5.4m/5.5m Evli/cons.). Guidance specified: Etteplan expects revenue to amount to EUR 285-305m (280-300m) and operating profit (EBIT) to amount to EUR 25-28m (23-26m).
  • Net sales in Q1 were EUR 73.0m (EUR 71.3m in Q1/20), in line with our estimates and consensus estimates (EUR 71.1m/71.3m Evli/Cons.). Growth in Q1 amounted to 2.3% y/y.
  • EBIT in Q1 amounted to EUR 6.6m (EUR 5.7m in Q1/20), above our estimates and consensus estimates (EUR 5.4m/5.5m Evli/cons.), at a margin of 9%.
  • EPS in Q1 amounted to EUR 0.21 (EUR 0.17 in Q1/20), above our estimates and consensus estimates (EUR 0.17/0.17 Evli/cons.).
  • Engineering Solutions net sales in Q1 were EUR 41.4m vs. EUR 40.7m Evli. EBITA in Q1 amounted to EUR 4.4m vs. EUR 3.8m Evli. The MSI-% in Q1 was 63% compared to 56% in Q1/20.
  • Software and Embedded Solutions net sales in Q1 were EUR 18.8m vs. EUR 17.8m Evli. EBITA in Q1 amounted to EUR 2.1m vs. EUR 1.6m Evli. The MSI-% in Q1 was 51% compared to 53% in Q1/20.
  • Technical Documentation Solutions net sales in Q1 were EUR 12.5m vs. EUR 12.4m Evli. EBITA in Q1 amounted to EUR 1.4m vs. EUR 1.1m Evli. The MSI-% in Q1 was 82% compared to 79% in Q1/20.
  • Guidance specified: Etteplan expects revenue to amount to EUR 285-305m (280m-300m) and operating profit (EBIT) to amount to EUR 25-28m (23-26m).
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