Company Overview
Etteplan Corporation is a Finnish-based global engineering and technical services company that provides innovative solutions to its clients across various industries. With over 90 years of experience, Etteplan has established itself as a trusted partner for companies seeking expertise in digitalization, automation, and technological advancements.
The company's primary mission is to provide high-quality services that enable its clients to achieve their goals and improve their competitiveness in the market. Etteplan's core values include innovation, customer satisfaction, and collaboration, which guide the company's decision-making processes and drive its success.
Key Products/Services
Etteplan offers a wide range of products and services that cater to the needs of various industries, including:
- Digitalization and automation solutions for industrial processes
- Teknological consulting and development services
- IT and software development services
- Engineering and design services for infrastructure projects
- Operational excellence and process improvement services
The benefits of Etteplan's products and services include improved efficiency, increased productivity, enhanced customer experience, and reduced costs. By leveraging Etteplan's expertise, clients can gain a competitive edge in their respective markets and achieve their business objectives.
Benefits and Competitive Advantage
Etteplan's strong brand reputation, extensive network of partners and customers, and commitment to innovation and customer satisfaction are key factors that contribute to its competitive advantage. The company's ability to adapt to changing market conditions and technological advancements also enables it to stay ahead of the competition.
Furthermore, Etteplan's focus on delivering high-quality services and solutions has earned it a loyal client base and a strong reputation in the industry. This, combined with its extensive expertise and resources, positions Etteplan as a trusted partner for companies seeking expert advice and support.
Looking ahead, Etteplan is well-positioned for continued growth and success. The company's focus on innovation, customer satisfaction, and collaboration will continue to drive its success, and its extensive expertise and resources will enable it to stay ahead of the competition in the market.
Valuation
| 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|
| Number of Shares (million) | 25.4 | 25.4 | 25.4 | 25.4 | 25.4 |
| Target Valuation (MEur) | 227.5 | 192.3 | 163.2 | 123.7 | 123.7 |
| Targer Price | 8.97 | 7.59 | 6.44 | 4.88 | 4.88 |
| Potential, % | -10.3 | -20.0 | -25.1 | -43.3 | -43.3 |
| Recommendation | Hold | Hold | Sell | Sell | Sell |
| MCAP (MEur) | 253.5 | 240.3 | 218.0 | 218.0 | 218.0 |
| Price | 10.0 | 9.48 | 8.6 | 8.6 | 8.6 |
| EV | 324.0 | 312.0 | 283.0 | 274.0 | 270.0 |
| P/S | 0.7 | 0.66 | 0.62 | 0.63 | 0.63 |
| EV/S | 0.9 | 0.86 | 0.81 | 0.8 | 0.79 |
| EV/EBIT | 17.61 | 17.46 | 21.56 | 42.17 | 310.61 |
| P/E | 24.38 | 22.73 | 24.13 | 42.01 | 315.96 |
| P/B | 2.15 | 1.97 | 1.76 | 1.68 | 1.68 |
| P/OCF | 8.19 | 14.27 | 12.8 | 17.83 | 30.66 |
| EV/OCF | 10.47 | 18.52 | 16.62 | 22.41 | 38.01 |
| P/FCF | 28.08 | 14.44 | 14.29 | 24.26 | 56.39 |
| EV/FCF | 35.91 | 18.74 | 18.55 | 30.5 | 69.9 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 350.2 | 360.0 | 361.0 | 361.4 | 350.9 | 343.4 | 343.9 |
| Rev. Growth, % | 16.7 | 2.8 | 0.3 | 0.1 | -2.9 | -2.1 | 0.1 |
| Ebit | 28.6 | 25.5 | 18.4 | 17.9 | 13.1 | 6.5 | 0.9 |
| Ebit Growth, % | 10.9 | -10.8 | -27.8 | -2.7 | -26.8 | -50.4 | -86.2 |
| Ebit, % | 8.2 | 7.1 | 5.1 | 5.0 | 3.7 | 1.9 | 0.3 |
| Profit | 18.2 | 16.6 | 10.4 | 10.6 | 9.0 | 5.2 | 0.7 |
| EPS | 0.72 | 0.66 | 0.41 | 0.42 | 0.36 | 0.21 | 0.03 |
| Profit Growth, % | -9.0 | -8.8 | -37.3 | 1.9 | -15.1 | -42.2 | -86.5 |
| Profit, % | 5.2 | 4.6 | 2.9 | 2.9 | 2.6 | 1.5 | 0.2 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 0.6 | 0.8 | 0.7 | 0.6 | 0.7 | 0.7 | 0.6 |
| Acc. Receivable | 62.4 | 61.1 | 61.2 | 57.3 | 53.2 | 52.8 | 51.9 |
| Cash | 19.6 | 23.4 | 25.2 | 30.4 | 33.2 | 42.2 | 46.1 |
| Equity | 106.3 | 114.1 | 117.8 | 122.1 | 124.2 | 129.4 | 130.1 |
| ROE, % | 17.1 | 14.5 | 8.8 | 8.7 | 7.2 | 4.0 | 0.5 |
| ROCE, % | 14.5 | 12.7 | 8.6 | 8.0 | 5.9 | 2.9 | 0.4 |
| Net Debt | 71.0 | 63.1 | 70.7 | 71.7 | 65.1 | 56.1 | 52.2 |
| Gearing, % | 66.8 | 55.3 | 60.0 | 58.7 | 52.4 | 43.3 | 40.1 |
| Equity ratio, % | 37.8 | 40.1 | 39.6 | 40.2 | 40.5 | 41.8 | 42.9 |
| Acc. Payable | 63.5 | 60.8 | 60.8 | 58.7 | 53.6 | 50.9 | 50.9 |
| Total Assets | 281.1 | 284.6 | 297.8 | 304.0 | 306.3 | 309.7 | 303.4 |
| ROA, % | 6.5 | 5.8 | 3.5 | 3.5 | 2.9 | 1.7 | 0.2 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 28.1 | 35.8 | 31.0 | 16.8 | 17.0 | 12.2 | 7.1 |
| Investment Cash Flow | -25.5 | -7.1 | -21.9 | -0.2 | -1.8 | -3.2 | -3.2 |
| Free Cash Flow | 2.6 | 28.7 | 9.0 | 16.6 | 15.3 | 9.0 | 3.9 |
| OCF/CAPEX | 1.1 | 5.05 | 1.41 | 84.23 | 9.61 | 3.77 | 2.19 |
| Financial Cash Flow | -14.0 | -24.8 | -7.2 | -5.7 | -12.6 | 0.0 | 0.0 |
Disclaimer
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