Etteplan: Strong growth and good profitability - Nordea

Etteplan has good visibility into H2 2021, but the key issue is how long the current upturn will last. The economic cycle looks promising for 2022 but a further improvement in the EBIT margin might be difficult to achieve. The short-term risks are low and demand is good, so we raise our estimates by 4%. The new full-year revenue guidance midpoint indicates 17% growth, 9% of which could be organic, we calculate. Our valuation model suggests a fair value range of EUR 15.1-18.5 (13.8-16.9) for the share. Based on our estimates, the company's P/E for next year is 20.1x (peer group: 20.3x). The valuation discount to peers has vanished, which we believe is warranted by the company's performance. Marketing material commissioned by Etteplan.

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