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Etteplan succeeded excellently in its transformation into a technology service company with solid and comprehensive expertise also in software solutions. The track record of profitable growth is strong and earnings growth will continue in the future as well. However, we estimate that it will be difficult to improve the already excellent profitability in the future. This weighs on the earnings growth rate, while the share's valuation level is in practice record-high (2022e P/E ~20x). 

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Trade. (Etteplan)

Etteplan provides design engineering services, embedded systems and IoT services and technical documentation solutions to the world's leading companies in the manufacturing industry. Our services are geared to improve the competitiveness of our customers' products and engineering processes throughout the product life cycle. The results of Etteplan's innovative engineering can be seen in numerous industrial solutions and everyday products.