Etteplan: Results much better than feared - Nordea

Good management of utilisation ratios and tight cost discipline led to better profitability in Q2 than we had forecast. Furthermore, the decline in net sales was not as bad as we had expected. There is still limited visibility for business opportunities but we expect proactive management, as seen in Q2, to keep risk levels modest in H2 2020. Cash in hand is EUR 26m, net gearing is 53% and the equity ratio 38%; we therefore do not see liquidity or financing becoming a problem. Because the profitability was very good in Q2, we see little room for further EBITA margin improvement in H2 2020. The next positive trigger could be organic sales growth but we do not expect this to materialise yet in H2 2020

https://research.nordea.com/CompanyDetails/1124/Etteplan

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