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

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 11728 12549 13356
Sales growth (%) 15,6 7 6,4
EBITDA 1541 1576 1675
EBITDA margin (%) 13,1 12,6 12,5
EBIT adj 1135 1143 1248
EBIT adj margin (%) 9,7 9,1 9,3
Pretax profit 1081 1097 1200
EPS rep 12,46 12,57 13,75
EPS growth (%) 27 0,9 9,4
EPS adj 14,77 15,09 16,14
DPS 5 4,7 5
EV/EBITDA (x) 14,7 14 12,8
EV/EBIT adj (x) 19,9 19,3 17,1
P/E (x) 24,9 24,7 22,5
P/E adj (x) 21 20,5 19,2
EV/sales (x) 1,9 1,8 1,6
FCF yield (%) 0,7 2,2 2,7
Dividend yield (%) 1,6 1,5 1,6
Net IB debt/EBITDA 1,1 0,7 0,3
SEKm 2019 2020e 2021e
Sales 11728 12549 13356
COGS -8092 -8652 -9195
Gross profit 3636 3896 4161
Other operating items -2095 -2321 -2486
EBITDA 1541 1576 1675
Depreciation on tangibles -57 -65 -70
Depreciation on intangibles 0 0 0
EBITA 1332 1359 1453
Goodwill impairment charges 0 0 0
Other impairment and amortisation -197 -216 -205
EBIT 1135 1143 1248
Other financial items 0 0 0
Net financial items -53 -46 -48
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 1081 1097 1200
Tax -231 -237 -259
Net profit 850 859 940
Minority interest -13 -15 -17
Net profit discontinued 0 0 0
Net profit to shareholders 837 844 924
EPS 12,46 12,57 13,75
EPS Adj 14,77 15,09 16,14
Total extraordinary items after tax -0,2 -0,2 -0,2
Tax rate (%) -21,4 -21,6 -21,6
Gross margin (%) 31 31 31,2
EBITDA margin (%) 13,1 12,6 12,5
EBITA margin (%) 11,4 10,8 10,9
EBIT margin (%) 9,7 9,1 9,3
Pretax margin (%) 9,2 8,7 9
Net margin (%) 7,3 6,8 7
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 15,6 7 6,4
EBITDA growth (%) 35,2 2,3 6,3
EBIT growth (%) 24,6 0,7 9,2
Net profit growth (%) 26,5 1,1 9,4
EPS growth (%) 27 0,9 9,4
Profitability 2019 2020 2021
ROE (%) 30,9 26,3 24,5
ROE Adj (%) 36,7 31,6 28,8
ROCE (%) 20,2 16,6 16,2
ROCE Adj(%) 23,7 19,8 18,8
ROIC (%) 18 18 19,9
ROIC Adj (%) 18 18 19,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 1541 1576 1675
EBITDA Adj margin (%) 13,1 12,6 12,5
EBITA Adj 1332 1359 1453
EBITA Adj margin (%) 11,4 10,8 10,9
EBIT Adj 1135 1143 1248
EBIT Adj margin (%) 9,7 9,1 9,3
Pretax profit Adj 1278 1312 1405
Net profit Adj 1005 1029 1101
Net profit to shareholders Adj 992 1014 1085
Net Adj margin (%) 8,6 8,2 8,2
SEKm 2019 2020e 2021e
EBITDA 1541 1576 1675
Net financial items -53 -46 -48
Paid tax -231 -237 -259
Non-cash items -631 0 0
Cash flow before change in WC 626 1292 1367
Change in WC 286 -266 -281
Operating cash flow 911 1026 1086
CAPEX tangible fixed assets -104 -100 -107
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -661 -462 -420
Free cash flow 146 464 559
Dividend paid -335 -335 -315
Share issues and buybacks 0 0 -40
Other non cash items 590 462 460
Decrease in net IB debt 259 591 664
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1809 1849 1892
Indefinite intangible assets 0 0 0
Definite intangible assets 1024 840 663
Tangible fixed assets 240 204 170
Other fixed assets 45 45 45
Fixed assets 3668 3335 3015
Inventories 1251 1355 1619
Receivables 2143 2547 2711
Other current assets 0 0 0
Cash and liquid assets 1747 2602 3530
Total assets 8808 9839 10876
Shareholders equity 2957 3466 4075
Minority 78 93 110
Total equity 3035 3559 4185
Long-term debt 2670 2934 3198
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 2054 2296 2444
Other current liabilities 270 270 270
Total liabilities and equity 5519 7045 8808
Net IB debt 1702 1111 447
Net IB debt excl. pension debt 1473 882 218
Capital invested 5007 4941 4902
Working capital 1339 1606 1886
EV breakdown 2019 2020 2021
Market cap. diluted (m) 20829 20829 20829
Net IB debt Adj 1702 1111 447
Market value of minority 78 93 110
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 22609 22033 21386
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 148 134,6 129
Capital invested turnover (%) 236,9 252,3 271,4
Capital employed turnover (%) 208,3 182,4 173,1
Inventories / sales (%) 11,4 10,4 11,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,7 17,3 17,7
Working capital / sales (%) 12,6 11,7 13,1
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 56,1 31,2 10,7
Net debt / market cap (%) 10,6 5,3 2,2
Equity ratio (%) 34,5 36,2 38,5
Net IB debt adj. / equity (%) 56,1 31,2 10,7
Current ratio (%) 208,5 240,1 275,2
EBITDA / net interest (%) 2905,1 3417 3463,2
Net IB debt / EBITDA (%) 110,5 70,5 26,7
Interest cover (%) 2510,6 2946,4 3004,2
SEKm 2019 2020e 2021e
Shares outstanding adj. 67 67 67
Fully diluted shares Adj 67 67 67
EPS 12,46 12,57 13,75
Dividend per share Adj 5 4,7 5
EPS Adj 14,77 15,09 16,14
BVPS 44,1 51,7 60,78
BVPS Adj 1,85 11,6 22,68
Net IB debt / share 25,4 16,6 6,7
Share price 239,2 310 310
Market cap. (m) 16038 20785 20785
Valuation 2019 2020 2021
P/E 24,9 24,7 22,5
EV/sales 1,93 1,76 1,6
EV/EBITDA 14,7 14 12,8
EV/EBITA 17 16,2 14,7
EV/EBIT 19,9 19,3 17,1
Dividend yield (%) 1,6 1,5 1,6
FCF yield (%) 0,7 2,2 2,7
P/BVPS 7,03 6 5,1
P/BVPS Adj 167,51 26,73 13,67
P/E Adj 21 20,5 19,2
EV/EBITDA Adj 14,7 14 12,8
EV/EBITA Adj 17 16,2 14,7
EV/EBIT Adj 19,9 19,3 17,1
EV/cap. employed 3,5 3 2,6
Investment ratios 2019 2020 2021
Capex / sales 0,9 0,8 0,8
Capex / depreciation 181,7 154,4 152,6
Capex tangibles / tangible fixed assets 43,3 49,2 62,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 23,9 31,9 41,1

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 2.3 % 15.8 % 31 Dec 2019
Tom Hedelius 2.2 % 15.2 % 31 Dec 2019
Fidelity Investments (FMR) 9.7 % 6.8 % 1 Jan 2020
SEB Fonder 8.8 % 6.2 % 31 Dec 2019
Swedbank Robur Fonder 8.1 % 5.7 % 31 Dec 2019
Lannebo Fonder 5.1 % 3.6 % 31 Dec 2019
ODIN Fonder 3.9 % 2.7 % 31 Dec 2019
Livförsäkringsbolaget Skandia 3.1 % 2.2 % 31 Dec 2019
Mawer Investment Management 2.7 % 1.9 % 30 Nov 2019
Sandrew AB 2.6 % 1.9 % 31 Dec 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