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1. Company Snapshot

1.a. Company Description

Etteplan Oyj provides industrial equipment and plant engineering, software, embedded, and technical documentation solutions and services primarily in Finland, Scandinavia countries, China, and Central Europe.It operates in three segments: Engineering Solutions, Software and Embedded Solutions, and Technical Documentation Solutions.The company offers engineering analysis, project management, and additive manufacturing, as well as safety, systems, electrical, plant, and mechanical engineering services; climate test laboratory and equipment; portable power services, and traction and stationary batteries; automation solutions; and virtual simulation models of machines.


It also provides solutions for cellular, local area, and low power wide area networks, and high-speed designs; electromagnetic simulation, electronics designing, and cyber security services; and embedded software designs.In addition, the company offers failure analysis, quality assurance, compliance consulting, software test automation, product safety, and training services; EMC, HVAC, environmental, RF spectrum, antenna, RF IOP, and radio interfering testing services; and production testing and measurement solutions.Further, it provides information on assets and products management, installations, users, operators, maintenance, parts, and services; localization and technical translation services; visualizations; technical documentation software; and digital product and training content.


The company also develops applications; and provides business critical solutions, and UX and service designs.It serves aerospace, defense, automotive, consumer products, energy and power transmission, industrial machinery and component, lifting and hoisting, medical technology, metal, mining and materials handling, offshore and marine, and telecom; and forest, pulp, and paper industries.The company was incorporated in 1983 and is headquartered in Espoo, Finland.


Etteplan Oyj is a subsidiary of Ingman Group Oy Ab.

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1.b. Last Insights on ETTE

Etteplan Oyj faced challenges due to market uncertainties and a revenue dip. Despite this, the company doubled its AI-driven revenue, positioning itself for future growth. The European market experienced a downturn, with the STOXX Europe 600 Index falling 1.10%, amid political turmoil in France and international trade tensions. Etteplan's Q2 2025 earnings call highlighted its efforts to navigate these challenges. With no recent share buyback announcements or rating changes cited, the company's focus on AI-driven growth and navigating market uncertainties remains key.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Etteplan (HLSE:ETTE) Forecasts 26% Earnings Growth, Challenging Bearish Sentiment After Recent Margin Decline

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.28%)

6. Segments

Engineering Solutions

Expected Growth: 6%

Etteplan Oyj's 6% growth in Engineering Solutions is driven by increasing demand for digitalization and electrification in the automotive and industrial sectors, coupled with the company's strong expertise in software and electronics development. Additionally, the company's strategic acquisitions and expansion into new markets have contributed to its growth momentum.

Software and Embedded Solutions

Expected Growth: 8%

Etteplan Oyj's Software and Embedded Solutions segment growth is driven by increasing demand for digitalization and IoT solutions, expansion into new geographies, and strategic acquisitions. The company's expertise in industrial equipment and automotive industries, as well as its strong partnerships with key customers, also contribute to its growth.

Technical Communication Solutions

Expected Growth: 5%

Etteplan Oyj's Technical Communication Solutions segment growth is driven by increasing demand for digitalization and automation in industries, growing need for efficient documentation and knowledge management, and rising adoption of Industry 4.0 technologies. Additionally, the company's strong expertise in technical communication and its ability to provide tailored solutions to customers contribute to its growth.

Eliminations and Other

Expected Growth: 4%

Etteplan Oyj's Eliminations and Other segment growth of 4% is driven by increasing demand for engineering services, strategic acquisitions, and operational efficiency improvements. Additionally, the company's focus on digitalization and innovation has led to new business opportunities, contributing to the segment's growth.

7. Detailed Products

Engineering Services

Etteplan Oyj provides engineering services that cover the entire product lifecycle, from design and development to testing and manufacturing. The company's engineering services include mechanical engineering, electrical engineering, and software engineering.

Technical Documentation

Etteplan Oyj provides technical documentation services that help companies to create and manage technical documentation, such as user manuals, instruction guides, and technical specifications.

Data-Driven Solutions

Etteplan Oyj provides data-driven solutions that help companies to collect, analyze, and visualize data to make informed business decisions. The company's data-driven solutions include data analytics, artificial intelligence, and IoT solutions.

8. Etteplan Oyj's Porter Forces

Forces Ranking

Threat Of Substitutes

Etteplan Oyj's services are specialized and customized, making it difficult for customers to find substitutes. However, the company operates in a competitive industry, and customers may consider alternative service providers.

Bargaining Power Of Customers

Etteplan Oyj's customers are primarily large corporations, which may have some bargaining power. However, the company's specialized services and long-term relationships with customers reduce the bargaining power of customers.

Bargaining Power Of Suppliers

Etteplan Oyj's suppliers are primarily small and medium-sized enterprises, which have limited bargaining power. The company's strong relationships with suppliers and its ability to negotiate prices reduce the bargaining power of suppliers.

Threat Of New Entrants

The engineering and design services industry has high barriers to entry, including the need for specialized skills and expertise. Additionally, Etteplan Oyj's established reputation and customer relationships make it difficult for new entrants to compete.

Intensity Of Rivalry

The engineering and design services industry is highly competitive, with many players competing for market share. Etteplan Oyj faces intense competition from both local and international players, which may lead to pricing pressure and reduced market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 40.61%
Debt Cost 7.99%
Equity Weight 59.39%
Equity Cost 8.68%
WACC 8.40%
Leverage 68.39%

11. Quality Control: Etteplan Oyj passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Bravida Holding

A-Score: 5.9/10

Value: 5.8

Growth: 5.8

Quality: 5.5

Yield: 5.6

Momentum: 7.5

Volatility: 5.0

1-Year Total Return ->

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CFE

A-Score: 5.7/10

Value: 9.4

Growth: 1.1

Quality: 4.8

Yield: 5.0

Momentum: 8.0

Volatility: 6.0

1-Year Total Return ->

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Salcef

A-Score: 5.1/10

Value: 4.6

Growth: 4.4

Quality: 6.9

Yield: 3.1

Momentum: 5.0

Volatility: 6.7

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Implenia

A-Score: 5.0/10

Value: 5.6

Growth: 4.1

Quality: 3.5

Yield: 1.9

Momentum: 10.0

Volatility: 4.7

1-Year Total Return ->

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Etteplan

A-Score: 4.7/10

Value: 5.3

Growth: 4.2

Quality: 4.7

Yield: 4.4

Momentum: 3.0

Volatility: 6.7

1-Year Total Return ->

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Trakcja

A-Score: 4.5/10

Value: 8.0

Growth: 3.6

Quality: 4.6

Yield: 0.0

Momentum: 8.0

Volatility: 3.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

9.1$

Current Price

9.1$

Potential

-0.00%

Expected Cash-Flows