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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 11612 11981
Sales growth (%) 15,6 -1 3,2
EBITDA 1462 1378 1389
EBITDA margin (%) 12,5 11,9 11,6
EBIT adj 1111 1065 1150
EBIT adj margin (%) 9,5 9,2 9,6
Pretax profit 1105 1008 1091
EPS rep 3,21 2,91 3,13
EPS growth (%) 30,8 -9,1 7,3
EPS adj 3,62 3,55 3,66
DPS 1,25 1,18 1,25
EV/EBITDA (x) 14,9 22,1 21,4
EV/EBIT adj (x) 19,7 28,6 25,8
P/E (x) 23,6 37,9 35,4
P/E adj (x) 20,9 31,1 30,2
EV/sales (x) 1,9 2,6 2,5
FCF yield (%) 3,8 2,6 3,5
Dividend yield (%) 1,7 1,1 1,1
Net IB debt/EBITDA 1 0,4 -0,1
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 11735 11612 11981
COGS -8088 -8052 -8303
Gross profit 3647 3560 3678
Other operating items -2185 -2182 -2290
EBITDA 1462 1378 1389
Depreciation on tangibles -98 -98 -56
Depreciation on intangibles 0 0 0
EBITA 1364 1280 1333
Goodwill impairment charges 0 0 0
Other impairment and amortisation -203 -215 -183
EBIT 1161 1065 1150
Other financial items 0 0 0
Net financial items -56 -57 -59
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 1105 1008 1091
Tax -232 -207 -236
Net profit 873 801 855
Minority interest -11 -17 -15
Net profit discontinued 0 0 0
Net profit to shareholders 862 783 840
EPS 3,21 2,91 3,13
EPS Adj 3,62 3,55 3,66
Total extraordinary items after tax 49,8 -0,2 -0,2
Tax rate (%) -21 -20,5 -21,6
Gross margin (%) 31,1 30,7 30,7
EBITDA margin (%) 12,5 11,9 11,6
EBITA margin (%) 11,6 11 11,1
EBIT margin (%) 9,9 9,2 9,6
Pretax margin (%) 9,4 8,7 9,1
Net margin (%) 7,4 6,9 7,1
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 15,6 -1 3,2
EBITDA growth (%) 28,3 -5,7 0,8
EBIT growth (%) 27,6 -8,3 8
Net profit growth (%) 29,9 -8,3 6,8
EPS growth (%) 30,8 -9,1 7,3
Profitability 2019 2020 2021
ROE (%) 31,6 23,5 21,3
ROE Adj (%) 35,7 28,6 25
ROCE (%) 21,5 15,6 14,4
ROCE Adj(%) 24,3 18,8 16,7
ROIC (%) 20,4 19,1 21,1
ROIC Adj (%) 19,6 19,1 21,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj 1412 1378 1389
EBITDA Adj margin (%) 12 11,9 11,6
EBITA Adj 1314 1280 1333
EBITA Adj margin (%) 11,2 11 11,1
EBIT Adj 1111 1065 1150
EBIT Adj margin (%) 9,5 9,2 9,6
Pretax profit Adj 1258 1223 1274
Net profit Adj 984 972 999
Net profit to shareholders Adj 973 954 984
Net Adj margin (%) 8,4 8,4 8,3
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 1462 1378 1389
Net financial items -56 -57 -59
Paid tax -232 -207 -236
Non-cash items 124 -112 0
Cash flow before change in WC 1298 1002 1094
Change in WC -193 -134 40
Operating cash flow 1105 867 1133
CAPEX tangible fixed assets -102 -85 -96
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -232 0 0
Free cash flow 770 782 1038
Dividend paid -335 -335 -315
Share issues and buybacks 0 0 -15
Other non cash items 126 337 15
Decrease in net IB debt 547 814 723
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1808 1842 1880
Indefinite intangible assets 0 0 0
Definite intangible assets 986 770 617
Tangible fixed assets 230 185 156
Other fixed assets 45 45 45
Fixed assets 3069 2842 2699
Inventories 1642 1861 1673
Receivables 2261 2214 2432
Other current assets 0 0 0
Cash and liquid assets 1534 3234 4220
Total assets 8506 10150 11024
Shareholders equity 3000 3673 4198
Minority 76 93 109
Total equity 3076 3767 4307
Long-term debt 2616 3506 3770
Pension debt 332 328 328
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 2123 2193
Other current liabilities 397 427 427
Total liabilities and equity 8506 10150 11024
Net IB debt 1414 600 -122
Net IB debt excl. pension debt 1082 272 -450
Capital invested 4490 4367 4185
Working capital 1421 1525 1486
EV breakdown 2019 2020 2021
Market cap. diluted (m) 20358 29724 29724
Net IB debt Adj 1414 600 -122
Market value of minority 76 93 109
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 21849 30418 29711
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 150,9 124,5 113,2
Capital invested turnover (%) 261,6 262,2 280,2
Capital employed turnover (%) 217,3 170,5 149,7
Inventories / sales (%) 13 15,1 14,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,8 18,1 18
Working capital / sales (%) 11,2 12,7 12,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 46 15,9 -2,8
Net debt / market cap (%) 8,8 2 -0,4
Equity ratio (%) 36,2 37,1 39,1
Net IB debt adj. / equity (%) 46 15,9 -2,8
Current ratio (%) 219 286,7 317,8
EBITDA / net interest (%) 2610,2 2409,3 2365,1
Net IB debt / EBITDA (%) 96,8 43,6 -8,8
Interest cover (%) 2435,7 2237,8 2269,8
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 268 268 268
Fully diluted shares Adj 269 269 269
EPS 3,21 2,91 3,13
Dividend per share Adj 1,3 1,2 1,3
EPS Adj 3,62 3,55 3,66
BVPS 11,19 13,7 15,65
BVPS Adj 0,77 3,96 6,34
Net IB debt / share 5,3 2,2 -0,5
Share price 59,8 110,6 110,6
Market cap. (m) 16038 29662 29662
Valuation 2019 2020 2021
P/E 23,6 37,9 35,4
EV/sales 1,86 2,62 2,48
EV/EBITDA 14,9 22,1 21,4
EV/EBITA 16 23,8 22,3
EV/EBIT 18,8 28,6 25,8
Dividend yield (%) 1,7 1,1 1,1
FCF yield (%) 3,8 2,6 3,5
P/BVPS 6,77 8,07 7,06
P/BVPS Adj 98,64 27,95 17,44
P/E Adj 20,9 31,1 30,2
EV/EBITDA Adj 15,5 22,1 21,4
EV/EBITA Adj 16,6 23,8 22,3
EV/EBIT Adj 19,7 28,6 25,8
EV/cap. employed 3,6 4 3,5
Investment ratios 2019 2020 2021
Capex / sales 0,9 0,7 0,8
Capex / depreciation 104,4 87,1 171,2
Capex tangibles / tangible fixed assets 44,3 46,3 61,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 42,4 53,1 35,9
N/A N/A N/A

Equity research

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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 Aug 2020
Tom Hedelius 2.2 % 15.2 % 31 Jul 2020
SEB Fonder 9.9 % 6.9 % 31 Aug 2020
Fidelity Investments (FMR) 9.8 % 6.8 % 31 Jul 2020
Swedbank Robur Fonder 8.3 % 5.8 % 31 Aug 2020
Lannebo Fonder 5.0 % 3.5 % 15 Sep 2020
ODIN Fonder 3.4 % 2.4 % 31 Aug 2020
Invesco 3.0 % 2.1 % 31 Aug 2020
Sandrew AB 2.6 % 1.9 % 30 Jun 2020
Livförsäkringsbolaget Skandia 2.4 % 1.7 % 30 Jun 2020
Source: Holdings by Modular Finance AB