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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 11528 11098 11333
Sales growth (%) 13,6 -3,7 2,1
EBITDA 1368 1318 1412
EBITDA margin (%) 11,9 11,9 12,5
EBIT adj 1069 1018 1115
EBIT adj margin (%) 9,3 9,2 9,8
Pretax profit 1020 974 1069
EPS rep 11,77 11,16 12,25
EPS growth (%) 20 -5,2 9,7
EPS adj 13,73 13,1 14,12
DPS 5 4,7 5
EV/EBITDA (x) 12,9 13 11,7
EV/EBIT adj (x) 16,5 16,8 14,8
P/E (x) 20,3 21,4 19,5
P/E adj (x) 17,4 18,2 16,9
EV/sales (x) 1,5 1,5 1,5
FCF yield (%) 4 5,5 5,8
Dividend yield (%) 2,1 2 2,1
Net IB debt/EBITDA 1,1 0,7 0,2
SEKm 2019 2020e 2021e
Sales 11528 11098 11333
COGS -7979 -7669 -7786
Gross profit 3549 3429 3547
Other operating items -2181 -2111 -2135
EBITDA 1368 1318 1412
Depreciation on tangibles -58 -60 -63
Depreciation on intangibles 0 0 0
EBITA 1236 1184 1275
Goodwill impairment charges 0 0 0
Other impairment and amortisation -167 -166 -160
EBIT 1069 1018 1115
Other financial items 0 0 0
Net financial items -49 -44 -46
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 1020 974 1069
Tax -217 -211 -231
Net profit 803 763 838
Minority interest -12 -13 -15
Net profit discontinued 0 0 0
Net profit to shareholders 791 750 823
EPS 11,77 11,16 12,25
EPS Adj 13,73 13,1 14,12
Total extraordinary items after tax -0,2 -0,2 -0,2
Tax rate (%) -21,3 -21,6 -21,6
Gross margin (%) 30,8 30,9 31,3
EBITDA margin (%) 11,9 11,9 12,5
EBITA margin (%) 10,7 10,7 11,2
EBIT margin (%) 9,3 9,2 9,8
Pretax margin (%) 8,8 8,8 9,4
Net margin (%) 7 6,9 7,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 13,6 -3,7 2,1
EBITDA growth (%) 20,1 -3,7 7,1
EBIT growth (%) 17,4 -4,8 9,5
Net profit growth (%) 19,4 -4,9 9,7
EPS growth (%) 20 -5,2 9,7
Profitability 2019 2020 2021
ROE (%) 29,5 24,1 23
ROE Adj (%) 34,4 28,2 26,5
ROCE (%) 19,6 15,7 15,4
ROCE Adj(%) 22,7 18,3 17,7
ROIC (%) 18,8 18,1 20,3
ROIC Adj (%) 18,8 18,1 20,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj 1368 1318 1412
EBITDA Adj margin (%) 11,9 11,9 12,5
EBITA Adj 1236 1184 1275
EBITA Adj margin (%) 10,7 10,7 11,2
EBIT Adj 1069 1018 1115
EBIT Adj margin (%) 9,3 9,2 9,8
Pretax profit Adj 1187 1140 1229
Net profit Adj 935 894 963
Net profit to shareholders Adj 922 880 949
Net Adj margin (%) 8,1 8,1 8,5
SEKm 2019 2020e 2021e
EBITDA 1368 1318 1412
Net financial items -49 -44 -46
Paid tax -217 -211 -231
Non-cash items -9 0 0
Cash flow before change in WC 1093 1063 1135
Change in WC -122 -99 -111
Operating cash flow 971 965 1023
CAPEX tangible fixed assets -96 -89 -91
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -232 0 0
Free cash flow 643 876 933
Dividend paid -335 -335 -315
Share issues and buybacks 0 0 -45
Other non cash items 167 0 45
Decrease in net IB debt 475 541 617
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1805 1841 1877
Indefinite intangible assets 0 0 0
Definite intangible assets 1044 899 757
Tangible fixed assets 244 217 190
Other fixed assets 45 45 45
Fixed assets 3139 2927 2721
Inventories 1665 1624 1731
Receivables 1982 2253 2301
Other current assets 0 0 0
Cash and liquid assets 1658 2462 3344
Total assets 8443 9267 10096
Shareholders equity 2910 3325 3833
Minority 77 91 105
Total equity 2988 3416 3938
Long-term debt 2915 3179 3443
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 1900 2031 2074
Other current liabilities 412 412 412
Total liabilities and equity 8443 9267 10096
Net IB debt 1486 946 328
Net IB debt excl. pension debt 1257 717 99
Capital invested 4474 4361 4266
Working capital 1335 1434 1545
EV breakdown 2019 2020 2021
Market cap. diluted (m) 16058 16058 16058
Net IB debt Adj 1486 946 328
Market value of minority 77 91 105
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 17622 17094 16492
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 148,9 125,3 117,1
Capital invested turnover (%) 257,5 251,2 262,7
Capital employed turnover (%) 211,4 171,3 157
Inventories / sales (%) 13,4 14,8 14,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,3 17,7 18,1
Working capital / sales (%) 11,1 12,5 13,1
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 49,8 27,7 8,3
Net debt / market cap (%) 9,3 5,9 2
Equity ratio (%) 35,4 36,9 39
Net IB debt adj. / equity (%) 49,8 27,7 8,3
Current ratio (%) 229,5 259,5 296,7
EBITDA / net interest (%) 2775,4 3005,8 3056,5
Net IB debt / EBITDA (%) 108,7 71,7 23,2
Interest cover (%) 2507,5 2700,2 2759,9
SEKm 2019 2020e 2021e
Shares outstanding adj. 67 67 67
Fully diluted shares Adj 67 67 67
EPS 11,77 11,16 12,25
Dividend per share Adj 5 4,7 5
EPS Adj 13,73 13,1 14,12
BVPS 43,41 49,6 57,17
BVPS Adj 0,91 8,73 17,89
Net IB debt / share 22,2 14,1 4,9
Share price 239,2 239 239
Market cap. (m) 16038 16024 16024
Valuation 2019 2020 2021
P/E 20,3 21,4 19,5
EV/sales 1,53 1,54 1,46
EV/EBITDA 12,9 13 11,7
EV/EBITA 14,3 14,4 12,9
EV/EBIT 16,5 16,8 14,8
Dividend yield (%) 2,1 2 2,1
FCF yield (%) 4 5,5 5,8
P/BVPS 5,51 4,82 4,18
P/BVPS Adj 262,7 27,37 13,36
P/E Adj 17,4 18,2 16,9
EV/EBITDA Adj 12,9 13 11,7
EV/EBITA Adj 14,3 14,4 12,9
EV/EBIT Adj 16,5 16,8 14,8
EV/cap. employed 2,9 2,5 2,2
Investment ratios 2019 2020 2021
Capex / sales 0,8 0,8 0,8
Capex / depreciation 164,8 148 143,9
Capex tangibles / tangible fixed assets 39,2 41 47,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 23,8 27,7 33,1

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 % 29 Feb 2020
Tom Hedelius 2.2 % 15.2 % 29 Feb 2020
Fidelity Investments (FMR) 9.7 % 6.8 % 1 Jan 2020
SEB Fonder 9.3 % 6.5 % 29 Feb 2020
Swedbank Robur Fonder 8.5 % 6.0 % 31 Mar 2020
Lannebo Fonder 4.9 % 3.5 % 12 Mar 2020
ODIN Fonder 3.4 % 2.4 % 29 Feb 2020
Livförsäkringsbolaget Skandia 3.1 % 2.2 % 29 Feb 2020
Mawer Investment Management 2.7 % 1.9 % 29 Feb 2020
Sandrew AB 2.6 % 1.9 % 29 Feb 2020
Source: Holdings by Modular Finance AB

Insider list - Addtech

Name Quantity Code Date
Johan Sjö - 10 000 SELL 31 Mar 2020
Kenth Eriksson + 1 000 BUY 24 Mar 2020
Eva Sandell Elmstedt + 250 BUY 18 Mar 2020
Eva Elmstedt + 250 BUY 13 Mar 2020
Eva Maria Cecilia Sandell Elmstedt + 200 BUY 13 Mar 2020
Kenth Eriksson + 6 497 BUY 12 Mar 2020
Eva Maria Cecilia Sandell Elmstedt + 200 BUY 12 Mar 2020
Kenth Eriksson - 6 497 SELL 12 Mar 2020
Hans Andersén + 30 000 Redemp 11 Mar 2020
Kenth Eriksson + 1 000 BUY 9 Mar 2020

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