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Extensive research

Etteplan: Elite technology service company

By Juha KinnunenAnalyst
Etteplan
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Etteplan succeeded excellently in its transformation into a technology service company with solid and comprehensive expertise also in software solutions. The track record of profitable growth is strong and earnings growth will continue in the future as well. However, we estimate that it will be difficult to improve the already excellent profitability in the future. This weighs on the earnings growth rate, while the share's valuation level is in practice record-high (2022e P/E ~20x).

Etteplan

17.9EUR2021-11-22 18:00
17EURTarget price
Reduce
Recommendation updated:2021-11-22

Etteplan operates in the industrial sector. The company offers consulting and installation services for industrial machines and associated systems. Examples of solutions include system development, automated solutions, technical documentation services, and risk and control systems. Customers are found in various industries worldwide, especially active in the automotive, aerospace, and defense industries. The head office is located in Vantaa.

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Key Estimate Figures2021-11-22

202021e22e
Revenue259.7298.1326.9
growth-%-1.4 %14.8 %9.6 %
EBIT (adj.)23.326.629.9
EBIT-% (adj.)9.0 %8.9 %9.1 %
EPS (adj.)0.720.820.91
Dividend0.340.400.46
Dividend %2.6 %3.6 %4.1 %
P/E (adj.)17.913.712.3
EV/EBITDA9.07.26.3
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