Etteplan - Solid growth in Q1
Our concerns for a softer Q1 were clearly unfounded, as Etteplan's net sales grew 23% to EUR 89.6m, above our estimates and slightly above consensus (EUR 81.2m/87.7m Evli/cons.). EBIT amounted to EUR 7.6m, above our and consensus estimates (EUR 6.5m/6.9m Evli/cons.).
- Net sales in Q1 were EUR 89.6m (EUR 73.0m in Q1/21), above our estimates and slightly above consensus estimates (EUR 81.2m/87.7m Evli/Cons.). Increased sickness-related absences affected Etteplan’s business, but growth was nonetheless strong, 23% y/y, of which 14.1% organic.
- EBIT in Q1 amounted to EUR 7.6m (EUR 6.6m in Q1/21), above our estimates and consensus estimates (EUR 6.5m/6.9m Evli/cons.), at a margin of 8.5%.
- EPS in Q1 amounted to EUR 0.23 (EUR 0.21 in Q1/21), above our estimates and in line with consensus estimates (EUR 0.19/0.22 Evli/cons.).
- Net sales in Engineering Solutions in Q1 were EUR 46.7m vs. EUR 44.0m Evli. EBITA in Q1 amounted to EUR 4.9m vs. EUR 4.2m Evli.
- Net sales in Software and Embedded Solutions in Q1 were EUR 24.6m vs. EUR 21.8m Evli. EBITA in Q1 amounted to EUR 2.3m vs. EUR 2.0m Evli.
- Net sales in Technical Documentation Solutions in Q1 were EUR 18.1m vs. EUR 15.2m Evli. EBITA in Q1 amounted to EUR 1.8m vs. EUR 1.6m Evli.
- Guidance for 2022 (reiterated): Revenue is estimated to be EUR 340-370m and the operating profit is estimated to be EUR 28-32m. In terms of market outlook, Etteplan expects the general demand situation to remain fairly good throughout 2022.