olivLaw · European equity research
Etteplan Oyj ETTE.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Etteplan Oyj is a Finnish engineering services and digital solutions company serving industrial manufacturers, and its operating performance is tracked through EBITA, a measure that excludes amortization of acquired assets. The annual report for 2025 shows EBITA of 24.2 million EUR, slightly down from the prior year, which makes the organic growth trend worth examining.
At the close of 05 Nov 2026, Etteplan Oyj (ETTE.HE) stock was 6.90 EUR (−2.27% on the day), with market capitalisation 173.7 m EUR, P/E 16.4 on diluted EPS of 0.42 EUR over the last 12 months, dividend yield 3.19%, beta 0.42, 52-week range 6.86–9.70 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 32.2
- weak (30–45)
- Bollinger (20, 2)
- 6.83 – 8.04
- in the lower half of the band · %B 0.05 · band width 16.3%
- SMA 50 / 200
- 7.91 / 8.02
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.25 / -0.21
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −13.7% | +0.4% | −14.1 pp | — |
| 3 months | −10.4% | −3.3% | −7.1 pp | — |
| 6 months | −4.7% | +4.0% | −8.7 pp | — |
| Year to date | −27.2% | +8.1% | −35.3 pp | — |
| 1 year | −29.4% | +10.7% | −40.1 pp | −1.2% |
| 3 years | −50.5% | +50.1% | −100.6 pp | +6.8% |
| 5 years | −56.9% | +43.6% | −100.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 22.6, median 23.5, max 24.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 361.0 m | 361.4 m |
| Revenue YoY | unavailable | +0.1% |
| Net income | 10.4 m | 10.6 m |
| Net income YoY | unavailable | +1.7% |
| Diluted EPS | 0.41 | 0.42 |
| Diluted EPS YoY | unavailable | +2.4% |
| net % | 2.9% | 2.9% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 30.4 m EUR
- Financial debt
- 80.4 m EUR
- Net debt
- 50.0 m EUR
- Equity
- 122.1 m EUR
- Total assets
- 304.0 m EUR
- Debt / equity
- 0.66x
- Current ratio
- 0.98x
- ROE
- 8.8%
- ROA
- 3.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 361.0 m | 361.4 m | esef· 18 Mar 2026verified |
| Operating income | 18.4 m | 17.9 m | esef· 18 Mar 2026verified |
| Depreciation & amortisation | 18.4 m | 18.6 m | esef· 18 Mar 2026verified |
| EBITDA | 36.8 m ≈ | 36.5 m ≈ | esef· 18 Mar 2026derived |
| Interest expense | 5.9 m | 4.8 m | esef· 18 Mar 2026verified |
| Pre-tax income | 13.6 m | 13.4 m | esef· 18 Mar 2026verified |
| Income tax | 3.2 m | 2.8 m | esef· 18 Mar 2026verified |
| Net income | 10.4 m | 10.6 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.41 | 0.42 | esef· 18 Mar 2026verified |
| Dividend per share | 0.30 | 0.22 | esef· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 25.2 m | 30.4 m | esef· 18 Mar 2026verified |
| Receivables | 61.2 m | 57.3 m | esef· 18 Mar 2026verified |
| Inventories | 658.0 k | 636.0 k | esef· 18 Mar 2026verified |
| Current assets | 116.9 m | 114.9 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 4.5 m | 4.1 m | esef· 18 Mar 2026verified |
| Goodwill | 117.4 m | 126.7 m | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 29.1 m | 28.8 m | esef· 18 Mar 2026verified |
| Total assets | 297.8 m | 304.0 m | esef· 18 Mar 2026verified |
| Accounts payable | 60.8 m | 58.7 m | esef· 18 Mar 2026verified |
| Short-term debt | 27.2 m | 39.5 m | esef· 18 Mar 2026verified |
| Long-term debt | 49.5 m | 40.9 m | esef· 18 Mar 2026verified |
| Current liabilities | 107.4 m | 117.4 m | esef· 18 Mar 2026verified |
| Total liabilities | 179.9 m | 181.8 m | esef· 18 Mar 2026verified |
| Equity | 117.8 m | 122.1 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 25.4 m | 25.2 m | esef· 18 Mar 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 41 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 173.7 m EUR
Key indicators
Coverage and freshness
Score by group
- Balance sheet20
- Valuation50
- Quality52
- Returns46
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.99 – 7.77 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA6.76 – 7.27 (Mid 6.87)5 companies used · median multiple 6.1x · quartiles 6.0x – 6.4xANORA.HE, HARVIA.HE, HONBS.HE, ICP1V.HE, KAMUX.HE
- Peers: P/E3.46 – 7.77 (Mid 4.66)23 companies used · median multiple 11.1x · quartiles 8.2x – 18.5xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE, KEMIRA.HE
- Dividend discount (DDM)2.99 – 4.08 (Mid 3.45)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Neutral profile · Score 41/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.3% | 54 (vs peers) | 16% |
| Net margin · Quality | 2.9% | 49 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.4x | 14 (vs peers) | 16% |
| Interest coverage · Balance sheet | 3.7x | 34 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.0x | 15 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 16.4x | 43 (vs peers) | 16% |
| EV/EBITDA · Valuation | 6.1x | 57 (vs peers) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.2% | 46 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet20/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality52/100 · 2/3 factors with a value
- Returns· partial46/100 · 1/2 factors with a value
- Valuation50/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Etteplan Oyj (ETTE.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 361.4 m EUR in 2025; YoY growth 0.1%; net margin 2.9%; ROE 8.8%; net debt/EBITDA 1.4x.
The estimated value range is 3.46–7.27 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 4.66 EUR, the price of 6.90 EUR leaves a potential of -32.5% (value / price − 1) and a margin of safety of -48.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 41/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net debt / EBITDA: 1.4x
- Current ratio: 1.0x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KEMIRA.HEKemira Oyj | 2.5 bn | 13.6 | 10.5% | 6.6% | −6.6% | −17% / +4% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for ETTE.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.90 Total return -41% · Per year -41% | 6.91 Total return 3% · Per year 3% | 10.43 Total return 55% · Per year 55% |
| 3 years | 3.46 Total return -43% · Per year -17% | 6.92 Total return 10% · Per year 3% | 11.52 Total return 79% · Per year 21% |
| 5 years | 3.07 Total return -45% · Per year -11% | 6.94 Total return 17% · Per year 3% | 12.73 Total return 106% · Per year 16% |
- Exit P/E± 1.73
- Net margin± 1.21
- Annual revenue growth± 1.04
- Annual dilution± 0.10
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Etteplan Oyj is a Finnish engineering services and digital solutions company serving industrial manufacturers, and its operating performance is tracked through EBITA, a measure that excludes amortization of acquired assets. The annual report for 2025 shows EBITA of 24.2 million EUR, slightly down from the prior year, which makes the organic growth trend worth examining.
SWOT
Strengths
- Presence in several European countries and in the USA, which diversifies geographic exposure.
- Clear strategy of growing Managed Services, which could stabilize profitability.
- Detailed reporting of organic growth and currency effects, which increases transparency.
Weaknesses
- Reported operating profit is well below EBITA because of amortization of acquisitions.
- Dependence on engineering projects makes revenue sensitive to clients' investment cycle.
- Estimates used for part of the emissions data introduce uncertainty into the sustainability reporting.
Opportunities
- Digitalization of industrial production could open new engineering service projects.
- Growth in Managed Services could improve margins and revenue predictability.
- Climate-related opportunities identified in the materiality analysis could extend the portfolio.
Threats
- A slowdown in industrial investment could postpone new projects.
- Clients could take projects in-house or outsource them to global providers.
- Currency fluctuations could affect results reported in euro.
Risks
- Industrial investment cyclehigh
If clients postpone investment, the volume of engineering projects could fall and affect organic growth.
- Amortization of acquired assetsmedium
Amortization from acquisitions reduces reported operating profit and could become a burden if acquisitions continue.
- Currency exposuremedium
Activity in several currencies could produce exchange effects that differ from growth in comparable currencies.
- Quality of sustainability datalow
Estimates for value chain emissions introduce uncertainty, which could limit comparability between years.
- Concentration on key clientsmedium
Dependence on major accounts could expose revenue to the loss of a large client.
Investment thesis
What would need to be true (bull case)
- If the share of Managed Services keeps growing, profitability could become more stable and predictable.
- Digitalization of industrial production could support demand for the company's engineering services.
- Presence in several countries could reduce dependence on a single market.
What would break the thesis
- If industrial investment slows, new projects could be postponed and organic growth could weaken.
- Acquisition amortization could keep reducing reported profit, while EBITA remains the main indicator.
- Competition from global providers and clients' internal departments could pressure margins.
What to watch
- Trend in organic revenue growthQ1 2027
- Share of Managed Services in revenue2027
- Gap between EBITA and reported operating profitnext 10-K
- Quality and completeness of value chain emissions data2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Etteplan provides product engineering, technical documentation and digital solutions to industrial clients, with operations in Finland, Sweden, China, the Netherlands, Poland, Germany, Denmark and the USA. The company measures its strategy through the share of revenue from Managed Services, where the customer pays for results rather than resources. The 2025 annual report also includes a sustainability statement under ESRS standards covering the entire value chain.
The business model is a technology services model without its own manufacturing, which is reflected in the materiality analysis: the topic of workers in the value chain was removed as a material topic for 2025. Profitability depends on the mix of projects and continuous services, while recent acquisitions add significant amortization.
Reporting separates organic growth, acquisition-driven growth and growth in comparable currencies, to isolate the effect of underlying activity from the integration of acquired companies. These indicators help judge whether the growth strategy depends on acquisitions or on the core business.
Segments
Engineering and digital solutions
The main segment covers product development, automation and technical documentation for industrial clients. The share of Managed Services in revenue is the key indicator of the strategy, as it supports more stable profitability.
Managed and continuous services
This segment combines projects and continuous services in which the customer pays for results. If the share of these services grows, profitability could become more predictable, though the report does not give a detailed breakdown by segment.
Market context
The industrial engineering services market in Northern and Central Europe is concentrated on clients in manufacturing, electronics and equipment. Demand depends on the industrial investment cycle and the digitalization of production, and the annual report does not quantify the market size.
The company operates in several countries, which diversifies geographic exposure but also makes it sensitive to exchange rates, given that it reports in euro. The currency effect is separated in the growth indicators of the report.
Trends
- Digitalization of industrial productiontailwind
Demand for automation and digital solutions in industry could support engineering projects. The effect depends on clients' investment budgets.
- Shift toward managed service modelstailwind
Clients who pay for results could provide more predictable revenue and more stable margins, in line with the company's stated strategy.
- Industrial investment cycleheadwind
If industrial investment slows, new engineering projects could be postponed, which would pressure organic growth.
- Cost of acquisition amortizationmixed
Amortization of acquired assets reduces reported operating profit but does not affect EBITA. The gap between the two measures remains relevant for investors.
Competitive position
Etteplan competes with engineering and technical consulting firms, as well as with service divisions of equipment makers. The annual report does not name direct competitors, so the list below is indicative.
The stated competitive advantage rests on technical expertise across several countries and the ability to deliver integrated projects. Competitive pressure could increase if clients prefer global providers with broader services.
- Global engineering and technical consulting firms
Compete for product engineering projects in industry. The list is not exhaustive and does not come from the company's report.
- Regional engineering services providers
Compete locally, especially in Northern and Central Europe, for medium-sized contracts.
- Clients' internal engineering departments
Clients may take projects in-house, an alternative that could limit the volume outsourced.
- Industrial software providers
Compete on the digital component, where standardized solutions could reduce demand for customized services.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202518 Mar 2026
- Annual report 202418 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Etteplan Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.