Roni has prepared a new company report on Etteplan after Q3. 
Despite the negative profit warning, Etteplan’s Q3 figures did not show major drama, and profitability was even moderate. The profit warning mainly concerned the outlook for the end of the year, which emphasizes that business is not recovering in the short term and visibility for the rest of the year is weak. The valuation, even at the current weak earnings level, is still reasonable, which gives time to wait for demand to pick up. Following forecast cuts, we lower our target price to EUR 11.0 (previously EUR 11.5) and reiterate our Add recommendation.
Quoted from the report:
2025-2026 Forecasts
The negative profit warning and Q3 results led us to lower our forecasts again. We now expect Etteplan’s revenue to end up at EUR 362 million in 2025 and operating profit at EUR 18.3 million. Our forecasts are thus largely around the midpoint of the new guidance range.
Next year, we expect growth to pick up and revenue to grow by 3% to EUR 374 million. This would require a moderate recovery in the company’s demand but is not, in our opinion, a particularly optimistic scenario yet. Supported by growth, we also expect a clear improvement in results, and we expect operating profit to end up at EUR 23.6 million.