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Etteplan - Surprisingly good profitability

Etteplan's net sales in Q2 amounted to EUR 62.9m, in line with our estimates and consensus (EUR 63.3m/63.3m Evli/cons.). EBIT amounted to EUR 5.4m, above our consensus estimates (EUR 3.2m/3.8m Evli/cons.). Etteplan expects 2020 revenue to decrease slightly or be at the same level as in 2019 and EBIT to decrease compared to 2019.
  • Net sales in Q2 were EUR 62.9m (EUR 64.2m in Q2/19), in line with our and consensus estimates (EUR 63.3m/63.3m Evli/Cons.). Growth in Q2 amounted to -2.2% y/y, of which -11.3% organic growth.
  • EBIT in Q2 amounted to EUR 5.4m (EUR 5.8m in Q2/19), above our and consensus estimates (EUR 3.2m/3.8m Evli/cons.), at a margin of 8.6%.
  • EPS in Q2 amounted to EUR 0.16 (EUR 0.18 in Q2/19), above our and consensus estimates (EUR 0.09/0.09 Evli/cons.).
  • Engineering Solutions net sales in Q2 were EUR 35.9m vs. EUR 35.8m Evli. EBITA in Q2 amounted to EUR 3.7m vs. EUR 1.9m Evli. The MSI-% in Q2 was 57% compared to 57% in Q2/19.
  • Software and Embedded Solutions net sales in Q2 were EUR 15.2m vs. EUR 16.5m Evli. EBITA in Q2 amounted to EUR 1.7m vs. EUR 1.3m Evli. The MSI-% in Q2 was 52% compared to 55% in Q2/19.
  • Technical Documentation Solutions net sales in Q2 were EUR 11.6m vs. EUR 11.0m Evli. EBITA in Q2 amounted to EUR 1.0m vs. EUR 0.9m Evli. The MSI-% in Q2 was 79% compared to 75% in Q2/19.
  • Guidance given: Revenue for the full year 2020 will decrease slightly or be at the same level as in the previous year, operating profit (EBIT) will decrease compared to 2019 (prev. guidance withdrawn).
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