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Etteplan - Some softness in results/guidance

Etteplan's net sales in Q4 amounted to EUR 71.8m, in line with our estimates and consensus (EUR 72.1m/72.7m Evli/cons.). EBIT amounted to EUR 5.6m, below our estimates and below consensus (EUR 6.1m/6.3m Evli/cons.). Dividend proposal: Etteplan proposes a dividend of EUR 0.35 per share (EUR 0.36 Evli/Cons.).
  • Net sales in Q4 were EUR 71.8m (EUR 62.8m in Q4/18), in line with our and consensus estimates (EUR 72.1m/72.7m Evli/Cons.). Growth in Q4 amounted to 14.2 % y/y, of which 0.7 % organic growth.
  • EBIT in Q4 amounted to EUR 5.6m (EUR 5.7m in Q4/18), below our and consensus estimates (EUR 6.1m/6.3m Evli/cons.), at a margin of 7.7 %. EBIT (excl. NRIs) amounted to EUR 5.1m (Evli EUR 6.1m).
  • EPS in Q4 amounted to EUR 0.16 (EUR 0.18 in Q4/18), below our and consensus estimates (EUR 0.19/0.20 Evli/cons.).
  • Engineering Solutions: Net sales in Q4 were EUR 40.8m vs. EUR 40.5m Evli. EBITA in Q4 amounted to EUR 3.6m vs. EUR 4.0m Evli.
  • Software and Embedded Solutions: Net sales in Q4 were EUR 17.7m vs. EUR 19.1m Evli. EBITA in Q4 amounted to EUR 1.4m vs. EUR 2.1m Evli.
  • Technical Documentation Solutions: Net sales in Q4 were EUR 13.1m vs. EUR 12.5m Evli. EBITA in Q4 amounted to EUR 0.9m vs. EUR 1.0m Evli.
  • Dividend proposal: Etteplan proposes a dividend of EUR 0.35 per share (EUR 0.36 Evli/Cons.).
  • Guidance: revenue for 2020 expected to increase clearly and EBIT to be at the same level or improve compared to 2019. The EBIT guidance appears somewhat soft compared to our expectations.

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