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Addtech

Technology trading group

Addtech is a technology trading group that provides technological and economic value added between manufacturers and customers. The business consists of 130+ independent companies that sell high-tech products and solutions. Its customers primarily operate in the manufacturing industry and infrastructure, and half of sales consists of customized products and solutions. Addtech strives to be market-leading and active in carefully selected niches with high levels of knowledge and technology. The company conducts a very active acquisition strategy with decentralized area of responsibility. The share is listed on Nasdaq Stockholm since 2001.

Continued value-adding acquisitions of profitable trading/technology companies. Low acquisition multiples are fair to assume going forward due to the attractiveness of being a part of the Addtech Group. Market condition improvements related to a potential rebound in oil and gas, telecom and increased investments in the process industry.

A downturn in the manufacturing industry, price pressure from international competitors, abrupt competition in a specific niche-area.

SEKm 2018 2019e 2020e
Sales 8022 9755 10803
Sales growth (%) 11,8 21,6 10,7
EBITDA 882 1089 1229
EBITDA margin (%) 11 11,2 11,4
EBIT adj 689 866 991
EBIT adj margin (%) 8,6 8,9 9,2
Pretax profit 665 825 958
EPS rep 7,65 9,56 11,15
EPS growth (%) 16,5 25 16,6
EPS adj 9,09 11,59 13,32
DPS 4 4,3 4,5
EV/EBITDA (x) 14,4 14,4 12,6
EV/EBIT adj (x) 18,5 18,1 15,7
P/E (x) 22 21,3 18,3
P/E adj (x) 18,5 17,6 15,3
EV/sales (x) 1,6 1,6 1,4
FCF yield (%) 0,2 -0,9 3,1
Dividend yield (%) 2,4 2,1 2,2
Net IB debt/EBITDA 1,6 1,8 1,4
SEKm 2018 2019e 2020e
Sales 8022 9755 10803
COGS -5522 -6728 -7421
Gross profit 2500 3027 3381
Other operating items -1618 -1938 -2152
EBITDA 882 1089 1229
Depreciation on tangibles -44 -52 -55
Depreciation on intangibles 0 0 0
EBITA 838 1037 1174
Goodwill impairment charges 0 0 0
Other impairment and amortisation -137 -171 -183
EBIT 701 866 991
Other financial items 0 0 0
Net financial items -36 -41 -34
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 665 825 958
Tax -139 -170 -196
Net profit 526 655 762
Minority interest -12 -12 -13
Net profit discontinued 0 0 0
Net profit to shareholders 514 642 749
EPS 7,65 9,56 11,15
EPS Adj 9,09 11,59 13,32
Total extraordinary items after tax 11,8 -0,2 -0,2
Tax rate (%) -20,9 -20,6 -20,4
Gross margin (%) 31,2 31 31,3
EBITDA margin (%) 11 11,2 11,4
EBITA margin (%) 10,4 10,6 10,9
EBIT margin (%) 8,7 8,9 9,2
Pretax margin (%) 8,3 8,5 8,9
Net margin (%) 6,6 6,7 7,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 11,8 21,6 10,7
EBITDA growth (%) 16,9 23,5 12,9
EBIT growth (%) 16,1 23,5 14,5
Net profit growth (%) 16,9 24,5 16,4
EPS growth (%) 16,5 25 16,6
Profitability 2018 2019 2020
ROE (%) 27,2 28,9 28,9
ROE Adj (%) 32,3 35,1 34,5
ROCE (%) 22,3 22 22
ROCE Adj(%) 26,3 26,3 26,1
ROIC (%) 16 16,1 16,2
ROIC Adj (%) 15,8 16,1 16,2
Adj earnings numbers 2018 2019 2020
EBITDA Adj 870 1089 1229
EBITDA Adj margin (%) 10,8 11,2 11,4
EBITA Adj 826 1037 1174
EBITA Adj margin (%) 10,3 10,6 10,9
EBIT Adj 689 866 991
EBIT Adj margin (%) 8,6 8,9 9,2
Pretax profit Adj 790 996 1141
Net profit Adj 623 791 908
Net profit to shareholders Adj 611 778 895
Net Adj margin (%) 7,8 8,1 8,4
SEKm 2018 2019e 2020e
EBITDA 882 1089 1229
Net financial items -36 -41 -34
Paid tax -139 -170 -196
Non-cash items 66 0 0
Cash flow before change in WC 773 878 1000
Change in WC -234 -359 -61
Operating cash flow 539 519 939
CAPEX tangible fixed assets -43 -57 -81
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -477 -582 -429
Free cash flow 19 -119 429
Dividend paid -234 -268 -288
Share issues and buybacks 0 0 0
Other non cash items -180 -118 0
Decrease in net IB debt -395 -505 140
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1456 1735 1939
Indefinite intangible assets 0 0 0
Definite intangible assets 1007 1141 1155
Tangible fixed assets 207 253 307
Other fixed assets 32 43 43
Fixed assets 2702 3171 3443
Inventories 1118 1437 1500
Receivables 1507 1779 1988
Other current assets 0 0 0
Cash and liquid assets 192 377 452
Total assets 5519 6765 7383
Shareholders equity 2079 2360 2821
Minority 52 64 77
Total equity 2131 2424 2898
Long-term debt 1369 2059 1993
Pension debt 229 229 229
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 1426 1658 1869
Other current liabilities 364 394 394
Total liabilities and equity 3805 4515 5519
Net IB debt 1406 1911 1770
Net IB debt excl. pension debt 1177 1682 1541
Capital invested 3869 4686 5019
Working capital 1199 1558 1619
EV breakdown 2018 2019 2020
Market cap. diluted (m) 11286 13703 13703
Net IB debt Adj 1406 1911 1770
Market value of minority 52 64 77
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 12744 15678 15550
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 159,9 158,8 152,7
Capital invested turnover (%) 232 228,1 222,6
Capital employed turnover (%) 255,1 247,8 240
Inventories / sales (%) 12,8 13,1 13,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,8 15,8 16,3
Working capital / sales (%) 13,5 14,1 14,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 66 78,8 61,1
Net debt / market cap (%) 12,4 14 12,9
Equity ratio (%) 38,6 35,8 39,3
Net IB debt adj. / equity (%) 66 78,8 61,1
Current ratio (%) 157,4 175,1 174,1
EBITDA / net interest (%) 2450,5 2642 3662,9
Net IB debt / EBITDA (%) 159,4 175,4 144
Interest cover (%) 2327,8 2515 3499
SEKm 2018 2019e 2020e
Shares outstanding adj. 67 67 67
Fully diluted shares Adj 67 67 67
EPS 7,65 9,56 11,15
Dividend per share Adj 4 4,3 4,5
EPS Adj 9,09 11,59 13,32
BVPS 31,05 35,21 42,08
BVPS Adj -5,74 -7,69 -4,06
Net IB debt / share 21 28,5 26,4
Share price 169,34 204 204
Market cap. (m) 11337 13675 13675
Valuation 2018 2019 2020
P/E 22 21,3 18,3
EV/sales 1,59 1,61 1,44
EV/EBITDA 14,4 14,4 12,6
EV/EBITA 15,2 15,1 13,2
EV/EBIT 18,2 18,1 15,7
Dividend yield (%) 2,4 2,1 2,2
FCF yield (%) 0,2 -0,9 3,1
P/BVPS 5,41 5,79 4,85
P/BVPS Adj -29,29 -26,53 -50,22
P/E Adj 18,5 17,6 15,3
EV/EBITDA Adj 14,6 14,4 12,6
EV/EBITA Adj 15,4 15,1 13,2
EV/EBIT Adj 18,5 18,1 15,7
EV/cap. employed 3,6 3,6 3,3
Investment ratios 2018 2019 2020
Capex / sales 0,5 0,6 0,7
Capex / depreciation 97,3 108,4 147,3
Capex tangibles / tangible fixed assets 20,8 22,5 26,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 21,3 20,7 17,9

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Main shareholders

Addtech

Main shareholders Share capital % Voting shares % Verified
Anders Börjesson & Tisenhult-Gruppen 2.3 % 15.8 % 31 Jan 2019
SEB Fonder 9.0 % 6.3 % 28 Feb 2019
Swedbank Robur Fonder 8.8 % 6.2 % 28 Feb 2019
Lannebo Fonder 7.0 % 4.9 % 31 Jan 2019
Fidelity Investments (FMR) 6.0 % 4.2 % 31 Jan 2019
ODIN Fonder 4.4 % 3.1 % 7 Mar 2019
Livförsäkringsbolaget Skandia 3.8 % 2.7 % 31 Jan 2019
Mawer Investment Management 2.9 % 2.1 % 31 Jan 2019
Handelsbanken Fonder 2.8 % 2.0 % 28 Feb 2019
Sandrew AB 2.6 % 1.9 % 31 Jan 2019
Source: Holdings by Modular Finance AB

Insider list

Addtech

Name Quantity Code Date
Patrik Klerck - 1 300 SELL 19 Mar 2019
Patrik Klerck + 14 145 Redemp 15 Mar 2019
Patrik Klerck SELL 13 Mar 2019
Patrik Klerck SELL 12 Mar 2019
Johan Sjö - 20 000 SELL 28 Feb 2019
Johan Sjö - 24 821 SELL 22 Feb 2019
Johan Sjö - 13 179 SELL 8 Feb 2019
Tisenhult Invest AB + 26 214 BUY 8 Nov 2018
Johan Sjö - 2 000 SELL 7 Nov 2018
Johan Sjö - 10 747 SELL 2 Nov 2018

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