Etteplan: Q1 was 5% over consensus, full year 2022 guidance was confirmed - Nordea

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. The end demand for Etteplan’s engineering services has stayed healthy in Q1 but near term risk is related to investment environment. The shutdowns in China could also be more visible in Q2 than yet in Q1. One core strength of the company is proactive utilisation ratio management why we are not overly worried about the profitability in 2022. We forecast market consensus for 2022 EBIT to be upgraded by 2-3% after the Q1 earnings announcement.

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