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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 2020 2021e 2022e
Sales 11525 12500 13019
Sales growth (%) -1,8 8,5 4,2
EBITDA 1502 1625 1719
EBITDA margin (%) 13 13 13,2
EBIT adj 1017 1186 1277
EBIT adj margin (%) 8,8 9,5 9,8
Pretax profit 966 1136 1228
EPS rep 2,75 3,25 3,51
EPS growth (%) -78,6 18 8
EPS adj 3,51 3,91 4,18
DPS 0 1,1 1,3
EV/EBITDA (x) 28,9 26 24,1
EV/EBIT adj (x) 42,6 35,6 32,4
P/E (x) 53,8 45,6 42,2
P/E adj (x) 42,2 37,8 35,4
EV/sales (x) 3,8 3,4 3,2
FCF yield (%) 0,1 2,7 3,1
Dividend yield (%) 0 0,7 0,9
Net IB debt/EBITDA 2,2 1,4 0,8
Lease adj. FCF yield (%) 0,1 2,7 3,1
Lease adj. ND/EBITDA 2,2 1,4 0,8
SEKm 2020 2021e 2022e
Sales 11525 12500 13019
COGS -7994 -8612 -8970
Gross profit 3531 3887 4049
Other operating items -2029 -2262 -2330
EBITDA 1502 1625 1719
Depreciation on tangibles -227 -210 -210
Depreciation on intangibles 0 0 0
EBITA 1275 1415 1509
Goodwill impairment charges 0 0 0
Other impairment and amortisation -258 -229 -232
EBIT 1017 1186 1277
Other financial items 0 0 0
Net financial items -51 -50 -49
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 966 1136 1228
Tax -204 -246 -265
Net profit 762 891 962
Minority interest -20 -16 -17
Net profit discontinued 0 0 0
Net profit to shareholders 742 875 945
EPS 2,75 3,25 3,51
EPS Adj 3,51 3,91 4,18
Total extraordinary items after tax -0,2 -0,2 -0,2
Tax rate (%) -21,1 -21,6 -21,6
Gross margin (%) 30,6 31,1 31,1
EBITDA margin (%) 13 13 13,2
EBITA margin (%) 11,1 11,3 11,6
EBIT margin (%) 8,8 9,5 9,8
Pretax margin (%) 8,4 9,1 9,4
Net margin (%) 6,6 7,1 7,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -1,8 8,5 4,2
EBITDA growth (%) 2,8 8,2 5,8
EBIT growth (%) -12,4 16,6 7,6
Net profit growth (%) -12,7 16,9 8
EPS growth (%) -78,6 18 8
Profitability 2020 2021 2022
ROE (%) 23,9 24 21,4
ROE Adj (%) 30,4 28,9 25,6
ROCE (%) 15,4 15,5 15,2
ROCE Adj(%) 19,3 18,5 18
ROIC (%) 13 14,2 15,7
ROIC Adj (%) 13 14,2 15,7
Adj earnings numbers 2020 2021 2022
EBITDA Adj 1502 1625 1719
EBITDA Adj margin (%) 13 13 13,2
EBITA Adj 1275 1415 1509
EBITA Adj margin (%) 11,1 11,3 11,6
EBIT Adj 1017 1186 1277
EBIT Adj margin (%) 8,8 9,5 9,8
Pretax profit Adj 1224 1365 1460
Net profit Adj 966 1070 1144
Net profit to shareholders Adj 945 1054 1127
Net Adj margin (%) 8,4 8,6 8,8
Leasing payments 0 0 0
Depreciation and amortisation -227 -210 -210
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation -258 -229 -232
EBITDA lease Adj 1502 1625 1719
EBITDA lease Adj margin (%) 13 13 13,2
SEKm 2020 2021e 2022e
EBITDA 1502 1625 1719
Net financial items -51 -50 -49
Paid tax -204 -246 -265
Non-cash items -87 0 0
Cash flow before change in WC 1160 1329 1404
Change in WC -15 -163 -83
Operating cash flow 1145 1166 1321
CAPEX tangible fixed assets -70 -100 -104
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -1054 0 0
Free cash flow 21 1066 1217
Dividend paid 0 -297 -350
Share issues and buybacks 0 -40 0
Other non cash items -828 337 53
Decrease in net IB debt -765 1066 921
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 2614 2654 2696
Indefinite intangible assets 0 0 0
Definite intangible assets 1642 1331 1019
Tangible fixed assets 946 878 811
Other fixed assets 61 61 61
Fixed assets 5263 4924 4587
Inventories 1833 1746 1818
Receivables 2181 2537 2643
Other current assets 0 0 0
Cash and liquid assets 533 1600 2467
Total assets 9810 10807 11515
Shareholders equity 3211 4086 4734
Minority 96 112 129
Total equity 3307 4198 4863
Long-term debt 3496 3496 3443
Pension debt 387 387 387
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 2181 2287 2382
Other current liabilities 439 439 439
Total liabilities and equity 9810 10807 11515
Net IB debt 3350 2283 1363
Net IB debt excl. pension debt 2963 1896 976
Capital invested 6657 6481 6226
Working capital 1394 1557 1640
EV breakdown 2020 2021 2022
Market cap. diluted (m) 39895 39895 39895
Net IB debt Adj 3350 2283 1363
Market value of minority 96 112 129
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 43341 42291 41387
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 125,8 121,3 116,6
Capital invested turnover (%) 187,1 190,3 204,9
Capital employed turnover (%) 174,4 163,7 155,2
Inventories / sales (%) 15,1 14,3 13,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 18,5 17,9 17,9
Working capital / sales (%) 12,2 11,8 12,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 101,3 54,4 28
Net debt / market cap (%) 13,6 5,7 3,4
Equity ratio (%) 33,7 38,8 42,2
Net IB debt adj. / equity (%) 101,3 54,4 28
Current ratio (%) 173,6 215,8 245,5
EBITDA / net interest (%) 2934 3253,5 3515,8
Net IB debt / EBITDA (%) 223 140,5 79,3
Interest cover (%) 2491 2833 3086,2
Lease liability amortisation 0 0 0
Other intangible assets 1642 1331 1019
Right-of-use asset 0 0 0
Total other fixed assets 61 61 61
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing 3350 2283 1363
Net IB debt / EBITDA lease Adj (%) 223 140,5 79,3
SEKm 2020 2021e 2022e
Shares outstanding adj. 269 269 269
Fully diluted shares Adj 270 270 270
EPS 2,75 3,25 3,51
Dividend per share Adj 0 1,1 1,3
EPS Adj 3,51 3,91 4,18
BVPS 11,94 15,2 17,61
BVPS Adj -3,89 0,37 3,79
Net IB debt / share 12,5 8,5 5,1
Share price 91,8 148 148
Market cap. (m) 24680 39790 39790
Valuation 2020 2021 2022
P/E 53,8 45,6 42,2
EV/sales 3,76 3,38 3,18
EV/EBITDA 28,9 26 24,1
EV/EBITA 34 29,9 27,4
EV/EBIT 42,6 35,6 32,4
Dividend yield (%) 0 0,7 0,9
FCF yield (%) 0,1 2,7 3,1
P/BVPS 12,39 9,74 8,4
P/BVPS Adj -38,06 395,79 39,03
P/E Adj 42,2 37,8 35,4
EV/EBITDA Adj 28,9 26 24,1
EV/EBITA Adj 34 29,9 27,4
EV/EBIT Adj 42,6 35,6 32,4
EV/cap. employed 6 5,2 4,8
Investment ratios 2020 2021 2022
Capex / sales 0,6 0,8 0,8
Capex / depreciation 30,8 47,6 49,6
Capex tangibles / tangible fixed assets 7,4 11,4 12,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 24 23,9 25,9
Lease adj. FCF yield (%) 0,1 2,7 3,1

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 2.4 % 16.4 % 31 Mar 2021
Tom Hedelius 2.2 % 15.2 % 31 Mar 2021
Fidelity Investments (FMR) 9.9 % 6.9 % 28 Feb 2021
SEB Fonder 9.8 % 6.9 % 31 Mar 2021
Swedbank Robur Fonder 8.6 % 6.0 % 31 Mar 2021
Lannebo Fonder 4.8 % 3.4 % 31 Mar 2021
ODIN Fonder 3.3 % 2.3 % 31 Mar 2021
BlackRock 2.9 % 2.1 % 31 Mar 2021
Invesco 2.7 % 1.9 % 31 Mar 2021
Sandrew AB 2.6 % 1.9 % 31 Mar 2021
Source: Holdings by Modular Finance AB