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Addtech

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 2019 2020e 2021e
Sales 11735 11508 11874
Sales growth (%) 15,6 -1,9 3,2
EBITDA 1536 1364 1461
EBITDA margin (%) 13,1 11,9 12,3
EBIT adj 1111 1030 1134
EBIT adj margin (%) 9,5 9 9,6
Pretax profit 1105 979 1085
EPS rep 12,83 11,36 12,43
EPS growth (%) -62,4 -11,5 9,4
EPS adj 14,48 13,77 14,73
DPS 5 4,7 5
EV/EBITDA (x) 14,2 19,2 17,4
EV/EBIT adj (x) 19,7 25,4 22,4
P/E (x) 23,6 33,4 30,5
P/E adj (x) 20,9 27,5 25,7
EV/sales (x) 1,9 2,3 2,1
FCF yield (%) 3,8 3,2 4,2
Dividend yield (%) 1,7 1,2 1,3
Net IB debt/EBITDA 0,9 0,4 -0,1
SEKm 2019 2020e 2021e
Sales 11735 11508 11874
COGS -8088 -7952 -8182
Gross profit 3647 3557 3693
Other operating items -2111 -2192 -2232
EBITDA 1536 1364 1461
Depreciation on tangibles -98 -57 -56
Depreciation on intangibles 0 0 0
EBITA 1364 1233 1331
Goodwill impairment charges 0 0 0
Other impairment and amortisation -203 -203 -197
EBIT 1161 1030 1134
Other financial items 0 0 0
Net financial items -56 -52 -49
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 1105 979 1085
Tax -232 -200 -235
Net profit 873 779 850
Minority interest -11 -16 -15
Net profit discontinued 0 0 0
Net profit to shareholders 862 763 835
EPS 12,83 11,36 12,43
EPS Adj 14,48 13,77 14,73
Total extraordinary items after tax 49,8 -0,2 -0,2
Tax rate (%) -21 -20,4 -21,6
Gross margin (%) 31,1 30,9 31,1
EBITDA margin (%) 13,1 11,9 12,3
EBITA margin (%) 11,6 10,7 11,2
EBIT margin (%) 9,9 9 9,6
Pretax margin (%) 9,4 8,5 9,1
Net margin (%) 7,4 6,8 7,2
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 15,6 -1,9 3,2
EBITDA growth (%) 34,8 -11,2 7,1
EBIT growth (%) 27,6 -11,3 10,1
Net profit growth (%) 29,9 -10,8 9,1
EPS growth (%) -62,4 -11,5 9,4
Profitability 2019 2020 2021
ROE (%) 31,6 22,6 20,8
ROE Adj (%) 35,7 27,4 24,6
ROCE (%) 21,5 15,7 15,2
ROCE Adj(%) 24,3 18,8 17,8
ROIC (%) 20,4 18,3 20,4
ROIC Adj (%) 19,6 18,3 20,4
Adj earnings numbers 2019 2020 2021
EBITDA Adj 1486 1364 1461
EBITDA Adj margin (%) 12,7 11,9 12,3
EBITA Adj 1314 1233 1331
EBITA Adj margin (%) 11,2 10,7 11,2
EBIT Adj 1111 1030 1134
EBIT Adj margin (%) 9,5 9 9,6
Pretax profit Adj 1258 1182 1282
Net profit Adj 984 941 1005
Net profit to shareholders Adj 973 925 990
Net Adj margin (%) 8,4 8,2 8,5
SEKm 2019 2020e 2021e
EBITDA 1536 1364 1461
Net financial items -56 -52 -49
Paid tax -232 -200 -235
Non-cash items 50 0 0
Cash flow before change in WC 1298 1113 1177
Change in WC -208 -217 -9
Operating cash flow 1105 896 1169
CAPEX tangible fixed assets -102 -92 -95
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -232 0 0
Free cash flow 770 804 1074
Dividend paid -335 -335 -315
Share issues and buybacks 0 0 -35
Other non cash items 126 335 35
Decrease in net IB debt 547 804 758
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1808 1845 1883
Indefinite intangible assets 0 0 0
Definite intangible assets 986 815 651
Tangible fixed assets 230 197 165
Other fixed assets 45 45 45
Fixed assets 3069 2827 2595
Inventories 1642 1943 1806
Receivables 2261 2224 2411
Other current assets 0 0 0
Cash and liquid assets 1534 2601 3624
Total assets 8506 9596 10436
Shareholders equity 3000 3763 4283
Minority 76 92 107
Total equity 3076 3855 4390
Long-term debt 2616 2880 3144
Pension debt 332 332 332
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 2085 2132 2173
Other current liabilities 397 397 397
Total liabilities and equity 8506 9596 10436
Net IB debt 1414 611 -148
Net IB debt excl. pension debt 1082 279 -480
Capital invested 4490 4466 4242
Working capital 1421 1638 1647
EV breakdown 2019 2020 2021
Market cap. diluted (m) 20358 25465 25465
Net IB debt Adj 1414 611 -148
Market value of minority 76 92 107
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 21849 26167 25424
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 150,9 127,1 118,6
Capital invested turnover (%) 261,6 257 272,7
Capital employed turnover (%) 217,3 175,8 159
Inventories / sales (%) 13 15,6 15,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,8 18,3 18,1
Working capital / sales (%) 11,2 13,3 13,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 46 15,8 -3,4
Net debt / market cap (%) 8,8 2,4 -0,6
Equity ratio (%) 36,2 40,2 42,1
Net IB debt adj. / equity (%) 46 15,8 -3,4
Current ratio (%) 219 267,6 305,1
EBITDA / net interest (%) 2742,3 2633,9 2957,5
Net IB debt / EBITDA (%) 92,1 44,8 -10,1
Interest cover (%) 2435,7 2381 2694,4
SEKm 2019 2020e 2021e
Shares outstanding adj. 67 67 67
Fully diluted shares Adj 67 67 67
EPS 12,83 11,36 12,43
Dividend per share Adj 5 4,7 5
EPS Adj 14,48 13,77 14,73
BVPS 44,74 56,13 63,89
BVPS Adj 3,07 16,46 26,1
Net IB debt / share 21,1 9,1 -2,2
Share price 239,2 379 379
Market cap. (m) 16038 25411 25411
Valuation 2019 2020 2021
P/E 23,6 33,4 30,5
EV/sales 1,86 2,27 2,14
EV/EBITDA 14,2 19,2 17,4
EV/EBITA 16 21,2 19,1
EV/EBIT 18,8 25,4 22,4
Dividend yield (%) 1,7 1,2 1,3
FCF yield (%) 3,8 3,2 4,2
P/BVPS 6,77 6,75 5,93
P/BVPS Adj 98,64 23,03 14,52
P/E Adj 20,9 27,5 25,7
EV/EBITDA Adj 14,7 19,2 17,4
EV/EBITA Adj 16,6 21,2 19,1
EV/EBIT Adj 19,7 25,4 22,4
EV/cap. employed 3,6 3,7 3,2
Investment ratios 2019 2020 2021
Capex / sales 0,9 0,8 0,8
Capex / depreciation 104,4 161,5 169,6
Capex tangibles / tangible fixed assets 44,3 46,8 57,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 42,4 29 33,9

Equity research

Read earlier research

Media

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

Main shareholders - Addtech

Main shareholders Share capital % Voting shares % Verified
Anders Börjesson & Tisenhult-Gruppen 2.3 % 15.8 % 31 May 2020
SEB Fonder 9.8 % 6.9 % 31 May 2020
Fidelity Investments (FMR) 9.4 % 6.6 % 31 May 2020
Swedbank Robur Fonder 8.3 % 5.8 % 30 Jun 2020
Lannebo Fonder 5.0 % 3.5 % 2 Jul 2020
ODIN Fonder 3.4 % 2.4 % 30 Jun 2020
Livförsäkringsbolaget Skandia 3.0 % 2.1 % 31 May 2020
Invesco 3.0 % 2.1 % 30 Jun 2020
Sandrew AB 2.6 % 1.9 % 31 May 2020
BlackRock 2.4 % 1.7 % 30 Jun 2020
Source: Holdings by Modular Finance AB

Insider list - Addtech

Name Quantity Code Date
Niklas Stenberg + 11 000 Redemp 5 Jun 2020
Martin Fassl - 2 200 SELL 29 May 2020
Anders Helge Claeson - 30 000 Redemp 25 May 2020
Patrik Klerck - 1 100 SELL 20 May 2020
Eva Maria Cecilia Sandell Elmstedt - 1 000 SELL 19 May 2020
Eva Maria Cecilia Sandell Elmstedt - 1 400 SELL 19 May 2020
Eva Elmstedt - 2 000 SELL 18 May 2020
Eva Maria Cecilia Sandell Elmstedt - 1 000 SELL 18 May 2020
Eva Maria Cecilia Sandell Elmstedt + 200 BUY 18 May 2020
Eva Maria Cecilia Sandell Elmstedt - 900 SELL 18 May 2020

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