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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 11336 13004 13641
Sales growth (%) -3,4 14,7 4,9
EBITDA 1478 1802 1865
EBITDA margin (%) 13 13,9 13,7
EBIT adj 1004 1258 1292
EBIT adj margin (%) 8,9 9,7 9,5
Pretax profit 937 1200 1232
EPS rep 2,62 3,4 3,49
EPS growth (%) -18,3 29,5 2,7
EPS adj 3,44 4,21 4,34
DPS 0 1,1 1,3
EV/EBITDA (x) 22,1 24,8 23,6
EV/EBIT adj (x) 32,6 35,6 34,1
P/E (x) 41,6 46,5 45,3
P/E adj (x) 31,7 37,5 36,4
EV/sales (x) 2,9 3,4 3,2
FCF yield (%) 0,7 2,3 2,6
Dividend yield (%) 0 0,7 0,8
Net IB debt/EBITDA 2,1 1,2 0,8
Lease adj. FCF yield (%) 0,7 2,3 2,6
Lease adj. ND/EBITDA 1,6 0,8 0,5
SEKm 2020 2021e 2022e
Sales 11336 13004 13641
COGS -7863 -8979 -9424
Gross profit 3473 4025 4217
Other operating items -1995 -2223 -2352
EBITDA 1478 1802 1865
Depreciation on tangibles -98 -227 -210
Depreciation on intangibles 0 0 0
EBITA 1251 1538 1584
Goodwill impairment charges 0 0 0
Other impairment and amortisation -203 -258 -229
EBIT 989 1258 1292
Other financial items 0 0 0
Net financial items -52 -58 -60
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 937 1200 1232
Tax -208 -258 -265
Net profit 729 942 967
Minority interest -23 -28 -28
Net profit discontinued 0 0 0
Net profit to shareholders 706 914 939
EPS 2,62 3,4 3,49
EPS Adj 3,44 4,21 4,34
Total extraordinary items after tax -15,2 -0,2 -0,2
Tax rate (%) -22,2 -21,5 -21,5
Gross margin (%) 30,6 31 30,9
EBITDA margin (%) 13 13,9 13,7
EBITA margin (%) 11 11,8 11,6
EBIT margin (%) 8,7 9,7 9,5
Pretax margin (%) 8,3 9,2 9
Net margin (%) 6,4 7,2 7,1
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -3,4 14,7 4,9
EBITDA growth (%) 1,1 21,9 3,5
EBIT growth (%) -14,8 27,2 2,7
Net profit growth (%) -16,5 29,2 2,7
EPS growth (%) -18,3 29,5 2,7
Profitability 2020 2021 2022
ROE (%) 22,6 26,1 23,1
ROE Adj (%) 29,7 32,4 28,7
ROCE (%) 15,2 18,2 18,3
ROCE Adj(%) 19,4 22,2 22,4
ROIC (%) 11,9 14,8 16
ROIC Adj (%) 12,1 14,8 16
Adj earnings numbers 2020 2021 2022
EBITDA Adj 1493 1802 1865
EBITDA Adj margin (%) 13,2 13,9 13,7
EBITA Adj 1266 1538 1584
EBITA Adj margin (%) 11,2 11,8 11,6
EBIT Adj 1004 1258 1292
EBIT Adj margin (%) 8,9 9,7 9,5
Pretax profit Adj 1214 1480 1524
Net profit Adj 948 1162 1197
Net profit to shareholders Adj 925 1134 1169
Net Adj margin (%) 8,4 8,9 8,8
Leasing payments 0 0 0
Depreciation and amortisation -227 -264 -281
Of which leasing depreciation 0 0 0
EO items -15 0 0
Impairment and PPA amortisation -262 -280 -292
EBITDA lease Adj 1493 1802 1865
EBITDA lease Adj margin (%) 13,2 13,9 13,7
SEKm 2020 2021e 2022e
EBITDA 1478 1802 1865
Net financial items -52 -58 -60
Paid tax -320 -258 -265
Non-cash items 372 22 8
Cash flow before change in WC 1478 1509 1549
Change in WC 25 -245 -152
Operating cash flow 1503 1264 1397
CAPEX tangible fixed assets -71 -260 -273
CAPEX intangible fixed assets -20 -26 -27
Acquisitions and disposals -1207 0 0
Free cash flow 205 978 1097
Dividend paid -273 -377 -387
Share issues and buybacks 0 0 0
Other non cash items -753 379 -164
Decrease in net IB debt -624 -765 1066
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 2727 1997 1997
Indefinite intangible assets 0 0 0
Definite intangible assets 1243 1642 1331
Tangible fixed assets 326 322 314
Other fixed assets 64 61 61
Fixed assets 5564 4732 4615
Inventories 1661 1795 1882
Receivables 2161 2471 2592
Other current assets 0 0 0
Cash and liquid assets 420 865 1419
Total assets 9806 9862 10508
Shareholders equity 3219 3784 4365
Minority 231 58 58
Total equity 3450 3842 4423
Long-term debt 1566 1027 963
Pension debt 336 332 332
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 976 976 976
Accounts payable 972 1170 1228
Other current liabilities 1433 1474 1546
Total liabilities and equity 9806 9862 10508
Net IB debt 3134 2114 1496
Net IB debt excl. pension debt 2798 1782 1164
Capital invested 6981 6353 6316
Working capital 1417 1621 1701
EV breakdown 2020 2021 2022
Market cap. diluted (m) 29354 42550 42550
Net IB debt Adj 3134 2114 1496
Market value of minority 231 58 58
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 32719 44722 44104
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 123,8 132,2 133,9
Capital invested turnover (%) 231,4 187,1 190,3
Capital employed turnover (%) 217,3 174,4 163,7
Inventories / sales (%) 13 15,1 14,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,8 18,5 17,9
Working capital / sales (%) 13,8 11,7 12,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 90,8 55 33,8
Net debt / market cap (%) 12,7 5 3,5
Equity ratio (%) 35,2 39 42,1
Net IB debt adj. / equity (%) 90,8 55 33,8
Current ratio (%) 118,9 134,8 149,7
EBITDA / net interest (%) 2850,2 3108,9 3117,5
Net IB debt / EBITDA (%) 212 117,3 80,2
Interest cover (%) 2406 2651,6 2640,5
Lease liability amortisation 0 0 0
Other intangible assets 1769 1515 1250
Right-of-use asset 682 838 994
Total other fixed assets 60 60 60
Leasing liability 676 644 644
Total other long-term liabilities 397 397 397
Net IB debt excl. leasing 2458 1470 852
Net IB debt / EBITDA lease Adj (%) 164,6 81,6 45,7
SEKm 2020 2021e 2022e
Shares outstanding adj. 269 269 269
Fully diluted shares Adj 269 269 269
EPS 2,62 3,4 3,49
Dividend per share Adj 0 1,1 1,3
EPS Adj 3,44 4,21 4,34
BVPS 11,98 14,09 16,25
BVPS Adj -4,75 1,01 4,16
Net IB debt / share 11,7 7,9 5,6
Share price 91,8 158 158
Market cap. (m) 24656 42438 42438
Valuation 2020 2021 2022
P/E 41,6 46,5 45,3
EV/sales 2,89 3,44 3,23
EV/EBITDA 22,1 24,8 23,6
EV/EBITA 26,2 29,1 27,8
EV/EBIT 33,1 35,6 34,1
Dividend yield (%) 0 0,7 0,8
FCF yield (%) 0,7 2,3 2,6
P/BVPS 9,09 11,21 9,72
P/BVPS Adj -22,93 155,81 37,98
P/E Adj 31,7 37,5 36,4
EV/EBITDA Adj 21,9 24,8 23,6
EV/EBITA Adj 25,8 29,1 27,8
EV/EBIT Adj 32,6 35,6 34,1
EV/cap. employed 4,7 6,6 6
Investment ratios 2020 2021 2022
Capex / sales 0,8 2,2 2,2
Capex / depreciation 40,1 108,4 106,8
Capex tangibles / tangible fixed assets 21,8 80,8 86,9
Capex intangibles / definite intangibles 1,1 1,7 2,2
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 69,7 82 89,5
Lease adj. FCF yield (%) 0,7 2,3 2,6

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
Tom Hedelius 2.4 % 16.4 % 31 Aug 2021
Anders Börjesson & Tisenhult-Gruppen 2.4 % 16.4 % 30 Jun 2021
Fidelity Investments (FMR) 9.6 % 6.7 % 31 Jul 2021
SEB Fonder 9.5 % 6.6 % 31 Aug 2021
Swedbank Robur Fonder 8.6 % 6.0 % 31 Aug 2021
Lannebo Fonder 4.7 % 3.3 % 31 Aug 2021
ODIN Fonder 3.2 % 2.3 % 31 Aug 2021
Sandrew AB 2.6 % 1.9 % 31 Aug 2021
Invesco 2.6 % 1.8 % 31 Aug 2021
Vanguard 2.3 % 1.6 % 31 Aug 2021
Source: Holdings by Modular Finance AB

Insider list - Addtech

Name Quantity Code Date
Hans Andersén + 3 500 BUY 7 Jun 2021
Niklas Stenberg - 4 000 SELL 7 Jun 2021
Claus Nielsen - 22 300 SELL 31 May 2021
Claus Nielsen + 26 000 Redemp 31 May 2021
Johan Sjö - 40 320 SELL 26 May 2021
Kenth Eriksson + 40 320 BUY 26 May 2021
Hans Andersén - 23 000 SELL 20 May 2021
Per Lundblad + 725 BUY 19 May 2021
Martin Fassl - 6 500 SELL 3 Mar 2021
Martin Fassl + 4 000 BUY 18 Nov 2020

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