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

Introduce me >

UPCOMING EVENTS

We arrange several open investor events with our covered companies each year. Please subscribe to get information about our upcoming Introduce events. 

Sign up >

Social media

facebook   Meet us at Facebook

facebook   Follow us on Twitter

   Follow us on LinkedIn

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 8022 9768 11194
Sales growth (%) 11,8 21,8 14,6
EBITDA 882 1090 1274
EBITDA margin (%) 11 11,2 11,4
EBIT adj 689 867 1035
EBIT adj margin (%) 8,6 8,9 9,2
Pretax profit 665 826 1002
EPS rep 7,65 9,58 11,66
EPS growth (%) 16,5 25,2 21,8
EPS adj 9,09 11,6 13,84
DPS 4 4,3 4,5
EV/EBITDA (x) 14,4 15,6 13,4
EV/EBIT adj (x) 18,5 19,6 16,5
P/E (x) 22 23,3 19,2
P/E adj (x) 18,5 19,3 16,2
EV/sales (x) 1,6 1,7 1,5
FCF yield (%) 0,2 -0,8 1,6
Dividend yield (%) 2,4 1,9 2
Net IB debt/EBITDA 1,6 1,8 1,5
SEKm 2018 2019e 2020e
Sales 8022 9768 11194
COGS -5522 -6737 -7691
Gross profit 2500 3031 3504
Other operating items -1618 -1941 -2230
EBITDA 882 1090 1274
Depreciation on tangibles -44 -52 -55
Depreciation on intangibles 0 0 0
EBITA 838 1038 1219
Goodwill impairment charges 0 0 0
Other impairment and amortisation -137 -171 -183
EBIT 701 867 1035
Other financial items 0 0 0
Net financial items -36 -41 -34
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 665 826 1002
Tax -139 -170 -205
Net profit 526 656 797
Minority interest -12 -12 -14
Net profit discontinued 0 0 0
Net profit to shareholders 514 643 783
EPS 7,65 9,58 11,66
EPS Adj 9,09 11,6 13,84
Total extraordinary items after tax 11,8 -0,2 -0,2
Tax rate (%) -20,9 -20,6 -20,4
Gross margin (%) 31,2 31 31,3
EBITDA margin (%) 11 11,2 11,4
EBITA margin (%) 10,4 10,6 10,9
EBIT margin (%) 8,7 8,9 9,2
Pretax margin (%) 8,3 8,5 8,9
Net margin (%) 6,6 6,7 7,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 11,8 21,8 14,6
EBITDA growth (%) 16,9 23,6 16,8
EBIT growth (%) 16,1 23,7 19,4
Net profit growth (%) 16,9 24,7 21,5
EPS growth (%) 16,5 25,2 21,8
Profitability 2018 2019 2020
ROE (%) 27,2 29 30
ROE Adj (%) 32,3 35,1 35,6
ROCE (%) 22,3 22 22,4
ROCE Adj(%) 26,3 26,3 26,4
ROIC (%) 16 16,1 16,6
ROIC Adj (%) 15,8 16,1 16,6
Adj earnings numbers 2018 2019 2020
EBITDA Adj 870 1090 1274
EBITDA Adj margin (%) 10,8 11,2 11,4
EBITA Adj 826 1038 1219
EBITA Adj margin (%) 10,3 10,6 10,9
EBIT Adj 689 867 1035
EBIT Adj margin (%) 8,6 8,9 9,2
Pretax profit Adj 790 997 1185
Net profit Adj 623 792 943
Net profit to shareholders Adj 611 779 929
Net Adj margin (%) 7,8 8,1 8,4
SEKm 2018 2019e 2020e
EBITDA 882 1090 1274
Net financial items -36 -41 -34
Paid tax -139 -170 -205
Non-cash items 66 0 0
Cash flow before change in WC 773 879 1035
Change in WC -234 -367 -112
Operating cash flow 539 512 923
CAPEX tangible fixed assets -43 -57 -34
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -477 -582 -645
Free cash flow 19 -126 244
Dividend paid -234 -268 -288
Share issues and buybacks 0 0 0
Other non cash items -180 -118 0
Decrease in net IB debt -395 -512 -44
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1456 1735 2006
Indefinite intangible assets 0 0 0
Definite intangible assets 1007 1141 1222
Tangible fixed assets 207 253 341
Other fixed assets 32 43 43
Fixed assets 2702 3171 3612
Inventories 1118 1444 1555
Receivables 1507 1788 2060
Other current assets 0 0 0
Cash and liquid assets 192 370 261
Total assets 5519 6774 7487
Shareholders equity 2079 2361 2856
Minority 52 64 78
Total equity 2131 2426 2934
Long-term debt 1369 2059 1993
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 1426 1667 1937
Other current liabilities 364 394 394
Total liabilities and equity 3805 4515 5519
Net IB debt 1406 1918 1961
Net IB debt excl. pension debt 1177 1689 1732
Capital invested 3869 4694 5247
Working capital 1199 1566 1678
EV breakdown 2018 2019 2020
Market cap. diluted (m) 11286 15012 15012
Net IB debt Adj 1406 1918 1961
Market value of minority 52 64 78
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 12744 16995 17052
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 159,9 158,9 157
Capital invested turnover (%) 232 228,1 225,2
Capital employed turnover (%) 255,1 247,9 242,3
Inventories / sales (%) 12,8 13,1 13,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,8 15,8 16,1
Working capital / sales (%) 13,5 14,2 14,5
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 66 79,1 66,8
Net debt / market cap (%) 12,4 15,2 13,1
Equity ratio (%) 38,6 35,8 39,2
Net IB debt adj. / equity (%) 66 79,1 66,8
Current ratio (%) 157,4 174,8 166,3
EBITDA / net interest (%) 2450,5 2645,4 3792,8
Net IB debt / EBITDA (%) 159,4 175,9 154
Interest cover (%) 2327,8 2518,4 3629,1
SEKm 2018 2019e 2020e
Shares outstanding adj. 67 67 67
Fully diluted shares Adj 67 67 67
EPS 7,65 9,58 11,66
Dividend per share Adj 4 4,3 4,5
EPS Adj 9,09 11,6 13,84
BVPS 31,05 35,22 42,61
BVPS Adj -5,74 -7,68 -5,54
Net IB debt / share 21 28,6 29,3
Share price 169,34 187,65 223,5
Market cap. (m) 11337 12579 14982
Valuation 2018 2019 2020
P/E 22 23,3 19,2
EV/sales 1,59 1,74 1,52
EV/EBITDA 14,4 15,6 13,4
EV/EBITA 15,2 16,4 14
EV/EBIT 18,2 19,6 16,5
Dividend yield (%) 2,4 1,9 2
FCF yield (%) 0,2 -0,8 1,6
P/BVPS 5,41 6,35 5,25
P/BVPS Adj -29,29 -29,12 -40,31
P/E Adj 18,5 19,3 16,2
EV/EBITDA Adj 14,6 15,6 13,4
EV/EBITA Adj 15,4 16,4 14
EV/EBIT Adj 18,5 19,6 16,5
EV/cap. employed 3,6 3,9 3,5
Investment ratios 2018 2019 2020
Capex / sales 0,5 0,6 0,3
Capex / depreciation 97,3 108,6 61,7
Capex tangibles / tangible fixed assets 20,8 22,5 10
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 21,3 20,7 16,1

Equity research

Read earlier research

Media

View more media

Main shareholders

Addtech

Main shareholders Share capital % Voting shares % Verified
SEB Fonder 9.2 % 6.4 % 28 Feb 2019
Swedbank Robur Fonder 8.8 % 6.2 % 31 Mar 2019
Fidelity Investments (FMR) 7.8 % 5.5 % 7 Mar 2019
Lannebo Fonder 6.8 % 4.8 % 28 Feb 2019
ODIN Fonder 4.4 % 3.1 % 7 Mar 2019
Livförsäkringsbolaget Skandia 3.8 % 2.7 % 31 Jan 2019
Mawer Investment Management 2.9 % 2.1 % 28 Feb 2019
Handelsbanken Fonder 2.7 % 1.9 % 31 Mar 2019
Sandrew AB 2.6 % 1.9 % 31 Jan 2019
BlackRock 2.4 % 1.7 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

Addtech

Name Quantity Code Date
Patrik Klerck - 1 300 SELL 19 Mar 2019
Patrik Klerck + 14 145 Redemp 15 Mar 2019
Patrik Klerck SELL 13 Mar 2019
Patrik Klerck SELL 12 Mar 2019
Johan Sjö - 20 000 SELL 28 Feb 2019
Johan Sjö - 24 821 SELL 22 Feb 2019
Johan Sjö - 13 179 SELL 8 Feb 2019
Tisenhult Invest AB + 26 214 BUY 8 Nov 2018
Johan Sjö - 2 000 SELL 7 Nov 2018
Johan Sjö - 10 747 SELL 2 Nov 2018

Show More