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

Introduce me >

Social media

facebook   Follow us on Twitter

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 11521 12326
Sales growth (%) 26,5 13,5 7
EBITDA 1139 1457 1539
EBITDA margin (%) 11,2 12,6 12,5
EBIT adj 910 1065 1117
EBIT adj margin (%) 9 9,2 9,1
Pretax profit 865 1028 1074
EPS rep 9,81 11,84 12,31
EPS growth (%) 28,2 20,7 4
EPS adj 11,84 14,13 14,84
DPS 5 5 4,7
EV/EBITDA (x) 11,1 13,1 12
EV/EBIT adj (x) 13,9 18 16,6
P/E (x) 16,1 21,7 20,9
P/E adj (x) 13,4 18,2 17,3
EV/sales (x) 1,2 1,7 1,5
FCF yield (%) -1,9 0,3 3
Dividend yield (%) 3,2 1,9 1,8
Net IB debt/EBITDA 1,7 1,2 0,7
SEKm 2018 2019e 2020e
Sales 10148 11521 12326
COGS -7025 -7971 -8499
Gross profit 3123 3550 3827
Other operating items -1984 -2093 -2289
EBITDA 1139 1457 1539
Depreciation on tangibles -54 -56 -65
Depreciation on intangibles 0 0 0
EBITA 1085 1261 1334
Goodwill impairment charges 0 0 0
Other impairment and amortisation -175 -196 -217
EBIT 910 1065 1117
Other financial items 0 0 0
Net financial items -45 -37 -43
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 865 1028 1074
Tax -193 -218 -232
Net profit 672 810 842
Minority interest -13 -14 -15
Net profit discontinued 0 0 0
Net profit to shareholders 659 795 827
EPS 9,81 11,84 12,31
EPS Adj 11,84 14,13 14,84
Total extraordinary items after tax -0,2 -0,2 -0,2
Tax rate (%) -22,3 -21,2 -21,6
Gross margin (%) 30,8 30,8 31
EBITDA margin (%) 11,2 12,6 12,5
EBITA margin (%) 10,7 10,9 10,8
EBIT margin (%) 9 9,2 9,1
Pretax margin (%) 8,5 8,9 8,7
Net margin (%) 6,6 7 6,8
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 26,5 13,5 7
EBITDA growth (%) 29,1 27,9 5,6
EBIT growth (%) 29,8 17 4,8
Net profit growth (%) 27,8 20,5 4
EPS growth (%) 28,2 20,7 4
Profitability 2018 2019 2020
ROE (%) 29,1 29,6 26,2
ROE Adj (%) 35,1 35,4 31,5
ROCE (%) 21,4 19,5 17,1
ROCE Adj(%) 25,5 23,1 20,4
ROIC (%) 16,1 16,9 17,6
ROIC Adj (%) 16,1 16,9 17,6
Adj earnings numbers 2018 2019 2020
EBITDA Adj 1139 1457 1539
EBITDA Adj margin (%) 11,2 12,6 12,5
EBITA Adj 1085 1261 1334
EBITA Adj margin (%) 10,7 10,9 10,8
EBIT Adj 910 1065 1117
EBIT Adj margin (%) 9 9,2 9,1
Pretax profit Adj 1040 1224 1291
Net profit Adj 808 964 1012
Net profit to shareholders Adj 795 950 997
Net Adj margin (%) 8 8,4 8,2
SEKm 2018 2019e 2020e
EBITDA 1139 1457 1539
Net financial items -45 -37 -43
Paid tax -193 -218 -232
Non-cash items 49 -630 0
Cash flow before change in WC 950 572 1264
Change in WC -426 253 -186
Operating cash flow 524 825 1078
CAPEX tangible fixed assets -80 -108 -99
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -645 -661 -462
Free cash flow -201 56 517
Dividend paid -268 -335 -335
Share issues and buybacks -35 0 0
Other non cash items -99 601 462
Decrease in net IB debt -555 180 644
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1767 1810 1849
Indefinite intangible assets 0 0 0
Definite intangible assets 1186 1027 841
Tangible fixed assets 270 241 204
Other fixed assets 45 45 45
Fixed assets 3268 3674 3350
Inventories 1417 1282 1312
Receivables 2065 2180 2502
Other current assets 0 0 0
Cash and liquid assets 295 1387 2295
Total assets 7045 8522 9459
Shareholders equity 2455 2915 3407
Minority 65 79 94
Total equity 2520 2995 3501
Long-term debt 2027 2389 2653
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 2090 2256
Other current liabilities 412 270 270
Total liabilities and equity 4515 5519 7045
Net IB debt 1961 1781 1137
Net IB debt excl. pension debt 1732 1552 908
Capital invested 4893 5046 4908
Working capital 1625 1372 1558
EV breakdown 2018 2019 2020
Market cap. diluted (m) 10629 17268 17268
Net IB debt Adj 1961 1781 1137
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 19128 18499
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 161,5 148 137,1
Capital invested turnover (%) 230,8 231,8 247,7
Capital employed turnover (%) 238,6 210,6 188,2
Inventories / sales (%) 12,5 11,7 10,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,2 17,1 17,6
Working capital / sales (%) 13,9 13 11,9
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 77,8 59,5 32,5
Net debt / market cap (%) 15,7 10,3 6,6
Equity ratio (%) 35,8 35,1 37
Net IB debt adj. / equity (%) 77,8 59,5 32,5
Current ratio (%) 166,5 193,8 229
EBITDA / net interest (%) 2531,6 3933,8 3610,2
Net IB debt / EBITDA (%) 172,1 122,3 73,9
Interest cover (%) 2411,6 3403,6 3129,2
SEKm 2018 2019e 2020e
Shares outstanding adj. 67 67 67
Fully diluted shares Adj 67 67 67
EPS 9,81 11,84 12,31
Dividend per share Adj 5 5 4,7
EPS Adj 11,84 14,13 14,84
BVPS 36,62 43,48 50,81
BVPS Adj -7,43 1,16 10,68
Net IB debt / share 29,2 26,6 17
Share price 186,82 257 257
Market cap. (m) 12526 17231 17231
Valuation 2018 2019 2020
P/E 16,1 21,7 20,9
EV/sales 1,25 1,66 1,5
EV/EBITDA 11,1 13,1 12
EV/EBITA 11,7 15,2 13,9
EV/EBIT 13,9 18 16,6
Dividend yield (%) 3,2 1,9 1,8
FCF yield (%) -1,9 0,3 3
P/BVPS 4,32 5,91 5,06
P/BVPS Adj -21,3 221,94 24,06
P/E Adj 13,4 18,2 17,3
EV/EBITDA Adj 11,1 13,1 12
EV/EBITA Adj 11,7 15,2 13,9
EV/EBIT Adj 13,9 18 16,6
EV/cap. employed 2,6 3,1 2,7
Investment ratios 2018 2019 2020
Capex / sales 0,8 0,9 0,8
Capex / depreciation 148,1 190,8 151,7
Capex tangibles / tangible fixed assets 29,6 44,6 48,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20 23,4 31,8

Equity research

Read earlier research

Media

Addtech - Company presentation with CFO Malin Enarson
Addtech: Intervju med VD Johan Sjö (Q3 2017/18)

View more media

Main shareholders - Addtech

Main shareholders Share capital % Voting shares % Verified
Anders Börjesson & Tisenhult-Gruppen 2.3 % 15.8 % 30 Sep 2019
Tom Hedelius 2.2 % 15.2 % 30 Sep 2019
Swedbank Robur Fonder 8.7 % 6.1 % 30 Sep 2019
SEB Fonder 8.6 % 6.0 % 30 Sep 2019
Fidelity Investments (FMR) 8.4 % 5.9 % 31 Aug 2019
Lannebo Fonder 5.2 % 3.7 % 30 Sep 2019
ODIN Fonder 4.0 % 2.8 % 30 Sep 2019
Livförsäkringsbolaget Skandia 3.1 % 2.2 % 30 Sep 2019
Mawer Investment Management 2.9 % 2.1 % 31 Aug 2019
Sandrew AB 2.6 % 1.9 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - Addtech

Name Quantity Code Date
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
Kenth Eriksson + 24 249 BUY 26 Aug 2019
Johan Sjö - 10 000 SELL 15 Jul 2019

Show More