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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 11595 12425
Sales growth (%) 26,5 14,3 7,2
EBITDA 1139 1306 1441
EBITDA margin (%) 11,2 11,3 11,6
EBIT adj 910 1058 1160
EBIT adj margin (%) 9 9,1 9,3
Pretax profit 865 1021 1124
EPS rep 9,81 11,88 13,08
EPS growth (%) 28,2 21,1 10,1
EPS adj 11,84 14,12 15,64
DPS 5 5 4,7
EV/EBITDA (x) 11,1 14,9 13,1
EV/EBIT adj (x) 13,9 18,4 16,2
P/E (x) 16,1 22,3 20,3
P/E adj (x) 13,4 18,8 16,9
EV/sales (x) 1,2 1,7 1,5
FCF yield (%) -1,9 0,4 2,7
Dividend yield (%) 3,2 1,9 1,8
Net IB debt/EBITDA 1,7 1,2 0,7
SEKm 2018 2019e 2020e
Sales 10148 11595 12425
COGS -7025 -8011 -8536
Gross profit 3123 3584 3889
Other operating items -1984 -2278 -2448
EBITDA 1139 1306 1441
Depreciation on tangibles -54 -59 -65
Depreciation on intangibles 0 0 0
EBITA 1085 1247 1376
Goodwill impairment charges 0 0 0
Other impairment and amortisation -175 -189 -216
EBIT 910 1058 1160
Other financial items 0 0 0
Net financial items -45 -38 -36
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 865 1021 1124
Tax -193 -209 -230
Net profit 672 812 894
Minority interest -13 -14 -15
Net profit discontinued 0 0 0
Net profit to shareholders 659 798 879
EPS 9,81 11,88 13,08
EPS Adj 11,84 14,12 15,64
Total extraordinary items after tax -0,2 -0,2 -0,2
Tax rate (%) -22,3 -20,4 -20,5
Gross margin (%) 30,8 30,9 31,3
EBITDA margin (%) 11,2 11,3 11,6
EBITA margin (%) 10,7 10,8 11,1
EBIT margin (%) 9 9,1 9,3
Pretax margin (%) 8,5 8,8 9
Net margin (%) 6,6 7 7,2
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 26,5 14,3 7,2
EBITDA growth (%) 29,1 14,7 10,3
EBIT growth (%) 29,8 16,3 9,6
Net profit growth (%) 27,8 20,8 10,1
EPS growth (%) 28,2 21,1 10,1
Profitability 2018 2019 2020
ROE (%) 29,1 29,7 27,6
ROE Adj (%) 35,1 35,3 32,9
ROCE (%) 21,4 20,6 19,6
ROCE Adj(%) 25,5 24,2 23,2
ROIC (%) 16,1 17,1 18,7
ROIC Adj (%) 16,1 17,1 18,7
Adj earnings numbers 2018 2019 2020
EBITDA Adj 1139 1306 1441
EBITDA Adj margin (%) 11,2 11,3 11,6
EBITA Adj 1085 1247 1376
EBITA Adj margin (%) 10,7 10,8 11,1
EBIT Adj 910 1058 1160
EBIT Adj margin (%) 9 9,1 9,3
Pretax profit Adj 1040 1210 1340
Net profit Adj 808 963 1066
Net profit to shareholders Adj 795 949 1051
Net Adj margin (%) 8 8,3 8,6
SEKm 2018 2019e 2020e
EBITDA 1139 1306 1441
Net financial items -45 -38 -36
Paid tax -193 -209 -230
Non-cash items 49 0 0
Cash flow before change in WC 950 1060 1175
Change in WC -426 -232 -127
Operating cash flow 524 828 1048
CAPEX tangible fixed assets -80 -93 -99
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -645 -661 -462
Free cash flow -201 74 486
Dividend paid -268 -335 -335
Share issues and buybacks -45 0 0
Other non cash items -41 0 0
Decrease in net IB debt -555 -261 151
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1767 1804 1844
Indefinite intangible assets 0 0 0
Definite intangible assets 1186 1025 840
Tangible fixed assets 270 239 203
Other fixed assets 45 45 45
Fixed assets 3268 3113 2931
Inventories 1417 1619 1735
Receivables 2065 2360 2522
Other current assets 0 0 0
Cash and liquid assets 295 959 1836
Total assets 7045 8051 9025
Shareholders equity 2455 2918 3462
Minority 65 79 94
Total equity 2520 2997 3555
Long-term debt 2027 2291 2555
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 2122 2274
Other current liabilities 412 412 412
Total liabilities and equity 4515 5519 7045
Net IB debt 1961 1561 948
Net IB debt excl. pension debt 1732 1332 719
Capital invested 4893 4970 4915
Working capital 1625 1857 1984
EV breakdown 2018 2019 2020
Market cap. diluted (m) 10629 17805 17805
Net IB debt Adj 1961 1561 948
Market value of minority 65 79 94
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 12655 19445 18847
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 161,5 153,6 145,5
Capital invested turnover (%) 230,8 235,1 251,4
Capital employed turnover (%) 238,6 225,3 209,6
Inventories / sales (%) 12,5 13,1 13,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,2 17,2 17,7
Working capital / sales (%) 13,9 15 15,5
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 77,8 52,1 26,7
Net debt / market cap (%) 15,7 8,8 5,3
Equity ratio (%) 35,8 37,2 39,4
Net IB debt adj. / equity (%) 77,8 52,1 26,7
Current ratio (%) 166,5 194,9 226,9
EBITDA / net interest (%) 2531,6 3459,6 4015,8
Net IB debt / EBITDA (%) 172,1 119,5 65,8
Interest cover (%) 2411,6 3303,4 3834,6
SEKm 2018 2019e 2020e
Shares outstanding adj. 67 67 67
Fully diluted shares Adj 67 67 67
EPS 9,81 11,88 13,08
Dividend per share Adj 5 5 4,7
EPS Adj 11,84 14,12 15,64
BVPS 36,62 43,52 51,63
BVPS Adj -7,43 1,33 11,61
Net IB debt / share 29,2 23,3 14,1
Share price 186,82 265 265
Market cap. (m) 12526 17767 17767
Valuation 2018 2019 2020
P/E 16,1 22,3 20,3
EV/sales 1,25 1,68 1,52
EV/EBITDA 11,1 14,9 13,1
EV/EBITA 11,7 15,6 13,7
EV/EBIT 13,9 18,4 16,2
Dividend yield (%) 3,2 1,9 1,8
FCF yield (%) -1,9 0,4 2,7
P/BVPS 4,32 6,09 5,13
P/BVPS Adj -21,3 199,39 22,83
P/E Adj 13,4 18,8 16,9
EV/EBITDA Adj 11,1 14,9 13,1
EV/EBITA Adj 11,7 15,6 13,7
EV/EBIT Adj 13,9 18,4 16,2
EV/cap. employed 2,6 3,5 3
Investment ratios 2018 2019 2020
Capex / sales 0,8 0,8 0,8
Capex / depreciation 148,1 157,2 152,9
Capex tangibles / tangible fixed assets 29,6 38,8 49
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20 24,7 32,1

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Main shareholders

Addtech

Main shareholders Share capital % Voting shares % Verified
Anders Börjesson & Tisenhult-Gruppen 2.3 % 15.8 % 31 Mar 2019
SEB Fonder 9.2 % 6.5 % 31 Mar 2019
Swedbank Robur Fonder 8.8 % 6.2 % 30 Apr 2019
Fidelity Investments (FMR) 8.0 % 5.6 % 31 Mar 2019
Lannebo Fonder 6.3 % 4.4 % 30 Apr 2019
ODIN Fonder 4.4 % 3.1 % 30 Apr 2019
Livförsäkringsbolaget Skandia 3.4 % 2.4 % 31 Mar 2019
Mawer Investment Management 2.9 % 2.1 % 31 Mar 2019
Sandrew AB 2.6 % 1.9 % 31 Mar 2019
Handelsbanken Fonder 2.5 % 1.8 % 30 Apr 2019
Source: Holdings by Modular Finance AB

Insider list

Addtech

Name Quantity Code Date
Anders Helge Claeson - 25 000 Redemp 24 May 2019
Per Lundblad + 345 BUY 24 May 2019
Anders Helge Claeson - 31 146 SELL 21 May 2019
Anders Helge Claeson - 18 854 SELL 20 May 2019
Martin Fassl + 14 145 Redemp 20 May 2019
Martin Fassl - 3 080 SELL 16 May 2019
Martin Fassl - 2 000 SELL 16 May 2019
Martin Fassl - 2 000 SELL 16 May 2019
Martin Fassl - 2 000 SELL 16 May 2019
Patrik Klerck - 1 300 SELL 19 Mar 2019

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