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Etteplan - Market headwinds persist

Etteplan's Q2 results missed our estimates across the board. With the lower-than-expected results, the company specifies its guidance. Our current estimates lie at the upper end of the specified guidance range.

  • Net sales in Q2 were EUR 92.6m (Evli est. EUR 98.0m, EUR 89.8m in Q2/23), revenue increased 3.1% y/y while we expected growth of 9.1% y/y
  • Organic net sales decreased by 3.3%, revenue from key accounts decreased by 6.9%.
  • EBIT in Q2 amounted to EUR 5.3m (Evli est. EUR 9.0m, EUR 6.1m in Q2/23), at a margin of 5.8%. 
  • EPS in Q2 amounted to EUR 0.13 (Evli est. EUR 0.21, EUR 0.15 in Q2/23).
  • Net sales in Engineering Solutions in Q2 were EUR 49.6m (Evli est. EUR 53.3m), EBITA in Q2 amounted to EUR 3.9m (Evli est. EUR 5.2m). 
  • Net sales in Software and Embedded Solutions in Q2 were EUR 24.9m (Evli est. EUR 26.8m), EBITA amounted to EUR 1.9m (Evli est. EUR 2.5m). 
  • Net sales in Technical Communication Solutions in Q2 were EUR 17.9m (Evli est. EUR 17.7m), EBITA amounted to EUR 1.2m (Evli est. EUR 1.6m). 
  • The segments were softer than expected across the board, Etteplan has implemented adaptation measures across all the service areas in order to improve operational efficiency going forward.
  • Guidance (Specified): Revenue is estimated to be EUR 375-390m (prev. EUR 375-415m) and EBIT EUR 28-30m (prev. EUR 28-34m). 
  • Our current forecasts lie at the upper end of the specified guidance range (Revenue EUR 386m and EBIT EUR 30m).
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