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Osakestrategi, analyytikko
Etteplan saw strong growth and good profitability in Q1. Presently, no clear signs of a notable deterioration in the demand situation appear to be seen, but the uncertainty has understandably increased.
Etteplan is quite confident it can achieve healthy sales growth and stable margins for the rest of this year.
Regardless of geopolitical tensions and COVID-19 related sickness absences, Etteplan reported a good result in Q1. Full year 2022 sales and EBIT guidance was also confirmed.
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.).
Etteplan reports Q1 results on May 5th. We remain on the cautious side due to the seen increase in sick leaves. Some uncertainty is brought by Ukraine crisis but overall, we see no major changes to our views.
Q4 quite in line with expectationsEtteplan reported Q4 results quite in line with expectations. Revenue grew some 21% to EUR 85.3m (EUR 82.9m/82.9m Evli/cons.), with organic growth of some 15%. EBIT amounted to EUR 7.8m (EUR 7.9m/8.1m Evli/cons.).
Sales growth in Q4 was slightly better than consensus (Refinitiv) expected, with organic growth of 15% y/y. The company's profitability has also been decent, reaching the long-term target in Q4 and also for full-year 2021.
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.).
Etteplan reports Q4 results on February 10th, with expectations of rather good growth and margins.
Etteplan’s Q3 fell slightly short of our estimates. Investments into growth should bear fruition in 2022 but near-term cost and demand uncertainty is seen.