Etteplan - Good operative performance
Etteplan's net sales in Q1 amounted to EUR 95.0m, slightly above our and consensus estimates (EUR 92.0m/91.7m Evli/cons.). EBIT amounted to EUR 6.3m, below our estimates and below consensus (EUR 7.4m/7.0m Evli/cons.), but excluding EUR 2.0m in NRI’s, the profitability exceeded our expectations.
- Net sales in Q1 were EUR 95.0m (EUR 89.6m in Q1/22), slightly above our estimates and consensus estimates (EUR 92.0m/91.7m Evli/Cons.). Growth in Q1 amounted to 6% y/y, of which 4.9% organic growth (8% and 6.9% at comparable FX respectively).
- EBIT in Q1 amounted to EUR 6.3m (EUR 7.6m in Q1/22), below our estimates and consensus estimates (EUR 7.4m/7.0m Evli/cons.), at a margin of 6.6%. EBIT was affected by NRI’s and one-time salary payments in accordance with the collective labour agreement in Finland, amounting to EUR -2.0m.
- EPS in Q1 amounted to EUR 0.17 (EUR 0.23 in Q1/22), below our estimates and consensus estimates (EUR 0.22/0.20 Evli/cons.).
- Net sales in Engineering Solutions in Q1 were EUR 51.7m vs. EUR 49.0m Evli. EBITA in Q1 amounted to EUR 4.9m vs. EUR 5.0m Evli.
- Net sales in Software and Embedded Solutions in Q1 were EUR 23.9m vs. EUR 24.8m Evli. EBITA in Q1 amounted to EUR 1.6m vs. EUR 2.4m Evli.
- Net sales in Technical Communication Solutions in Q1 were EUR 19.2m vs. EUR 18.0m Evli. EBITA in Q1 amounted to EUR 1.2m vs. EUR 1.4m Evli.
- Guidance for 2023: Revenue is estimated to be EUR 360-390m and the operating profit is estimated to be EUR 28-33m.