Etteplan: Likelihood of demand weakening has increased - Nordea

Q2 EBITA was 7% below Refinitiv consensus due to lower utilisation rates and higher costs, but some of the cost pressure should be temporary. End demand has been good to date. Results in 2023 will be largely determined by the overall macroeconomic environment, industrial activity and new R&D projects, but we argue there is more potential downside than upside for the 2023 organic revenue growth and EBIT. Our valuation model, based on a combination of peer group and DCF analyses, suggests a fair value range of EUR 15.1-18.5. Marketing material commissioned by Etteplan.

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