Etteplan: End demand looks good in the near term - Nordea

Etteplan is quite confident it can achieve healthy sales growth and stable margins for the rest of this year. We believe organic revenue growth could remain around 5-10% in the near term, but uncertainty related to the economic outlook could reduce investments and hurt Etteplan's growth prospects next year. The company's profitability is at a healthy level and we do not believe it can climb much higher, but economic and geopolitical uncertainties combined with wage inflation offer little support for Etteplan's operating profit margin. Our valuation model, based on a combination of peer group and DCF analyses, now suggests a fair value range of EUR 15.1-18.5 (15.4-18.8) for the share. Marketing material commissioned by Etteplan.

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