Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

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 10148 11728 12549
Sales growth (%) 26,5 15,6 7
EBITDA 1139 1541 1576
EBITDA margin (%) 11,2 13,1 12,6
EBIT adj 910 1135 1143
EBIT adj margin (%) 9 9,7 9,1
Pretax profit 865 1081 1097
EPS rep 9,81 12,46 12,57
EPS growth (%) 28,2 27 0,9
EPS adj 11,84 14,77 15,09
DPS 5 5 4,7
EV/EBITDA (x) 11,1 12,8 12,1
EV/EBIT adj (x) 13,9 17,4 16,7
P/E (x) 16,1 21,4 21,2
P/E adj (x) 13,4 18 17,7
EV/sales (x) 1,2 1,7 1,5
FCF yield (%) -1,9 0,8 2,6
Dividend yield (%) 3,2 1,9 1,8
Net IB debt/EBITDA 1,7 1,1 0,7
SEKm 2018 2019e 2020e
Sales 10148 11728 12549
COGS -7025 -8092 -8652
Gross profit 3123 3636 3896
Other operating items -1984 -2095 -2321
EBITDA 1139 1541 1576
Depreciation on tangibles -54 -57 -65
Depreciation on intangibles 0 0 0
EBITA 1085 1332 1359
Goodwill impairment charges 0 0 0
Other impairment and amortisation -175 -197 -216
EBIT 910 1135 1143
Other financial items 0 0 0
Net financial items -45 -53 -46
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 865 1081 1097
Tax -193 -231 -237
Net profit 672 850 859
Minority interest -13 -13 -15
Net profit discontinued 0 0 0
Net profit to shareholders 659 837 844
EPS 9,81 12,46 12,57
EPS Adj 11,84 14,77 15,09
Total extraordinary items after tax -0,2 -0,2 -0,2
Tax rate (%) -22,3 -21,4 -21,6
Gross margin (%) 30,8 31 31
EBITDA margin (%) 11,2 13,1 12,6
EBITA margin (%) 10,7 11,4 10,8
EBIT margin (%) 9 9,7 9,1
Pretax margin (%) 8,5 9,2 8,7
Net margin (%) 6,6 7,3 6,8
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 26,5 15,6 7
EBITDA growth (%) 29,1 35,2 2,3
EBIT growth (%) 29,8 24,6 0,7
Net profit growth (%) 27,8 26,5 1,1
EPS growth (%) 28,2 27 0,9
Profitability 2018 2019 2020
ROE (%) 29,1 30,9 26,3
ROE Adj (%) 35,1 36,7 31,6
ROCE (%) 21,4 20,2 16,6
ROCE Adj(%) 25,5 23,7 19,8
ROIC (%) 16,1 18 18
ROIC Adj (%) 16,1 18 18
Adj earnings numbers 2018 2019 2020
EBITDA Adj 1139 1541 1576
EBITDA Adj margin (%) 11,2 13,1 12,6
EBITA Adj 1085 1332 1359
EBITA Adj margin (%) 10,7 11,4 10,8
EBIT Adj 910 1135 1143
EBIT Adj margin (%) 9 9,7 9,1
Pretax profit Adj 1040 1278 1312
Net profit Adj 808 1005 1029
Net profit to shareholders Adj 795 992 1014
Net Adj margin (%) 8 8,6 8,2
SEKm 2018 2019e 2020e
EBITDA 1139 1541 1576
Net financial items -45 -53 -46
Paid tax -193 -231 -237
Non-cash items 49 -631 0
Cash flow before change in WC 950 626 1292
Change in WC -426 286 -266
Operating cash flow 524 911 1026
CAPEX tangible fixed assets -80 -104 -100
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -645 -661 -462
Free cash flow -201 146 464
Dividend paid -268 -335 -335
Share issues and buybacks -15 0 0
Other non cash items -119 590 462
Decrease in net IB debt -555 259 591
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1767 1809 1849
Indefinite intangible assets 0 0 0
Definite intangible assets 1186 1024 840
Tangible fixed assets 270 240 204
Other fixed assets 45 45 45
Fixed assets 3268 3668 3335
Inventories 1417 1251 1355
Receivables 2065 2143 2547
Other current assets 0 0 0
Cash and liquid assets 295 1747 2602
Total assets 7045 8808 9839
Shareholders equity 2455 2957 3466
Minority 65 78 93
Total equity 2520 3035 3559
Long-term debt 2027 2670 2934
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 1857 2054 2296
Other current liabilities 412 270 270
Total liabilities and equity 4515 5519 7045
Net IB debt 1961 1702 1111
Net IB debt excl. pension debt 1732 1473 882
Capital invested 4893 5007 4941
Working capital 1625 1339 1606
EV breakdown 2018 2019 2020
Market cap. diluted (m) 10629 17906 17906
Net IB debt Adj 1961 1702 1111
Market value of minority 65 78 93
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 12655 19686 19111
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 161,5 148 134,6
Capital invested turnover (%) 230,8 236,9 252,3
Capital employed turnover (%) 238,6 208,3 182,4
Inventories / sales (%) 12,5 11,4 10,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,2 16,7 17,3
Working capital / sales (%) 13,9 12,6 11,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 77,8 56,1 31,2
Net debt / market cap (%) 15,7 9,5 6,2
Equity ratio (%) 35,8 34,5 36,2
Net IB debt adj. / equity (%) 77,8 56,1 31,2
Current ratio (%) 166,5 208,5 240,1
EBITDA / net interest (%) 2531,6 2905,1 3417
Net IB debt / EBITDA (%) 172,1 110,5 70,5
Interest cover (%) 2411,6 2510,6 2946,4
SEKm 2018 2019e 2020e
Shares outstanding adj. 67 67 67
Fully diluted shares Adj 67 67 67
EPS 9,81 12,46 12,57
Dividend per share Adj 5 5 4,7
EPS Adj 11,84 14,77 15,09
BVPS 36,62 44,1 51,7
BVPS Adj -7,43 1,85 11,6
Net IB debt / share 29,2 25,4 16,6
Share price 186,82 266,5 266,5
Market cap. (m) 12526 17868 17868
Valuation 2018 2019 2020
P/E 16,1 21,4 21,2
EV/sales 1,25 1,68 1,52
EV/EBITDA 11,1 12,8 12,1
EV/EBITA 11,7 14,8 14,1
EV/EBIT 13,9 17,4 16,7
Dividend yield (%) 3,2 1,9 1,8
FCF yield (%) -1,9 0,8 2,6
P/BVPS 4,32 6,04 5,16
P/BVPS Adj -21,3 144,01 22,98
P/E Adj 13,4 18 17,7
EV/EBITDA Adj 11,1 12,8 12,1
EV/EBITA Adj 11,7 14,8 14,1
EV/EBIT Adj 13,9 17,4 16,7
EV/cap. employed 2,6 3 2,6
Investment ratios 2018 2019 2020
Capex / sales 0,8 0,9 0,8
Capex / depreciation 148,1 181,7 154,4
Capex tangibles / tangible fixed assets 29,6 43,3 49,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20 23,9 31,9

Equity research

Read earlier research

Media

Addtech - Company presentation with CFO Malin Enarson
Addtech: Intervju med VD Johan Sjö (Q3 2017/18)

View more media

Main shareholders - Addtech

Main shareholders Share capital % Voting shares % Verified
Anders Börjesson & Tisenhult-Gruppen 2.3 % 15.8 % 30 Sep 2019
Tom Hedelius 2.2 % 15.2 % 30 Sep 2019
Swedbank Robur Fonder 8.7 % 6.1 % 31 Oct 2019
Fidelity Investments (FMR) 8.6 % 6.0 % 30 Sep 2019
SEB Fonder 8.6 % 6.0 % 31 Oct 2019
Lannebo Fonder 5.2 % 3.7 % 30 Sep 2019
ODIN Fonder 4.0 % 2.8 % 31 Oct 2019
Livförsäkringsbolaget Skandia 3.1 % 2.2 % 30 Sep 2019
Mawer Investment Management 2.8 % 2.0 % 31 Oct 2019
Sandrew AB 2.6 % 1.9 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - Addtech

Name Quantity Code Date
Anders Helge Claeson - 70 000 SELL 28 Oct 2019
Anders Helge Claeson - 20 610 SELL 25 Oct 2019
Martin Fassl + 3 500 Redemp 21 Sep 2019
Johan Sjö - 3 165 SELL 19 Sep 2019
Niklas Stenberg - 4 000 SELL 19 Sep 2019
Patrik Klerck + 18 000 BUY 18 Sep 2019
Claus Nielsen + 15 000 BUY 18 Sep 2019
Hans Andersén + 18 000 BUY 18 Sep 2019
Kenth Eriksson - 14 088 SELL 26 Aug 2019
Kenth Eriksson - 10 161 SELL 26 Aug 2019

Show More