Etteplan - Quite as expected, good guidance
Etteplan's net sales in Q4 amounted to EUR 85.3m (EUR 82.9m/82.9m Evli/cons.) and operating profit to EUR 7.8m (EUR 7.9m/8.1m Evli/cons.). Dividend proposal: EUR 0.40 per share (EUR 0.40/0.40 Evli/Cons.). 2022 guidance: revenue EUR 340-370m and operating profit EUR 28-32m.
- Net sales in Q4 were EUR 85.3m (EUR 70.3m in Q4/20), slightly above our estimates and consensus estimates (EUR 82.9m/82.9m Evli/Cons.). Growth in Q4 amounted to 21% y/y, of which 15.2% organic growth.
- Operating profit in Q4 amounted to EUR 7.8m (EUR 7.1m in Q4/20), in line with our estimates and slightly below consensus (EUR 7.9m/8.1m Evli/cons.), at a margin of 9.2%. EBITA amounted to EUR 9.0m vs. our estimate of EUR 8.9m.
- EPS in Q4 amounted to EUR 0.26 (EUR 0.23 in Q4/20), above our estimates and consensus estimates (EUR 0.24/0.24 Evli/cons.).
- Engineering Solutions net sales in Q4 were EUR 47.1m vs. EUR 47.6m Evli. EBITA in Q4 amounted to EUR 5.0m vs. EUR 4.9m Evli.
- Software and Embedded Solutions net sales in Q4 were EUR 23.4m vs. EUR 21.5m Evli. EBITA in Q4 amounted to EUR 2.4m vs. EUR 2.8m Evli.
- Technical Documentation Solutions net sales in Q4 were EUR 14.3m vs. EUR 13.6m Evli. EBITA in Q4 amounted to EUR 1.7m vs. EUR 1.5m Evli.
- Dividend proposal: Etteplan’s BoD proposes a dividend of EUR 0.40 per share (EUR 0.40/0.40 Evli/Cons.).
- Guidance for 2022: Revenue is estimated to be EUR 340-370m (EUR 338.3m/326.9m Evli/cons.) and the operating profit is estimated to be EUR 28-32m (EUR 29.6m/29.6m Evli/cons.).