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

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 2020 2021e 2022e
Sales 11746 12340 12847
Sales growth (%) 0,1 5,1 4,1
EBITDA 1452 1444 1533
EBITDA margin (%) 12,4 11,7 11,9
EBIT adj 1084 1209 1309
EBIT adj margin (%) 9,2 9,8 10,2
Pretax profit 1034 1162 1257
EPS rep 2,98 3,32 3,6
EPS growth (%) -76,8 11,5 8,2
EPS adj 3,66 3,84 4,09
DPS 4,7 5 5
EV/EBITDA (x) 22,4 22,7 21,6
EV/EBIT adj (x) 30 27,1 25,3
P/E (x) 39,6 35,5 32,8
P/E adj (x) 32,3 30,7 28,9
EV/sales (x) 2,8 2,7 2,6
FCF yield (%) 2,7 3,4 3,2
Dividend yield (%) 4 4,2 4,2
Net IB debt/EBITDA 0,5 0,6 0,8
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 11746 12340 12847
COGS -8147 -8534 -8867
Gross profit 3599 3806 3980
Other operating items -2147 -2362 -2447
EBITDA 1452 1444 1533
Depreciation on tangibles -140 -56 -56
Depreciation on intangibles 0 0 0
EBITA 1312 1388 1477
Goodwill impairment charges 0 0 0
Other impairment and amortisation -228 -178 -168
EBIT 1084 1209 1309
Other financial items 0 0 0
Net financial items -50 -47 -52
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 1034 1162 1257
Tax -212 -251 -272
Net profit 822 911 986
Minority interest -19 -16 -17
Net profit discontinued 0 0 0
Net profit to shareholders 803 895 968
EPS 2,98 3,32 3,6
EPS Adj 3,66 3,84 4,09
Total extraordinary items after tax -0,2 -0,2 -0,2
Tax rate (%) -20,5 -21,6 -21,6
Gross margin (%) 30,6 30,8 31
EBITDA margin (%) 12,4 11,7 11,9
EBITA margin (%) 11,2 11,2 11,5
EBIT margin (%) 9,2 9,8 10,2
Pretax margin (%) 8,8 9,4 9,8
Net margin (%) 7 7,4 7,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 0,1 5,1 4,1
EBITDA growth (%) -0,7 -0,6 6,2
EBIT growth (%) -6,6 11,5 8,2
Net profit growth (%) -5,9 10,8 8,2
EPS growth (%) -76,8 11,5 8,2
Profitability 2020 2021 2022
ROE (%) 24,7 26,9 32,7
ROE Adj (%) 30,2 31,1 37,2
ROCE (%) 17,1 18,2 20
ROCE Adj(%) 20,7 20,9 22,6
ROIC (%) 19,6 22,3 24,8
ROIC Adj (%) 19,6 22,3 24,8
Adj earnings numbers 2020 2021 2022
EBITDA Adj 1452 1444 1533
EBITDA Adj margin (%) 12,4 11,7 11,9
EBITA Adj 1312 1388 1477
EBITA Adj margin (%) 11,2 11,2 11,5
EBIT Adj 1084 1209 1309
EBIT Adj margin (%) 9,2 9,8 10,2
Pretax profit Adj 1262 1340 1425
Net profit Adj 1003 1051 1117
Net profit to shareholders Adj 984 1035 1100
Net Adj margin (%) 8,5 8,5 8,7
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 1452 1444 1533
Net financial items -50 -47 -52
Paid tax -212 -251 -272
Non-cash items -90 0 0
Cash flow before change in WC 1100 1145 1209
Change in WC -171 19 -81
Operating cash flow 929 1164 1128
CAPEX tangible fixed assets -70 -99 -103
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 859 1065 1025
Dividend paid -335 -1263 -1343
Share issues and buybacks 0 0 -15
Other non cash items 134 0 15
Decrease in net IB debt 702 -197 -318
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 1836 1875 1916
Indefinite intangible assets 0 0 0
Definite intangible assets 720 572 434
Tangible fixed assets 171 144 119
Other fixed assets 45 45 45
Fixed assets 2771 2636 2515
Inventories 1896 1723 1794
Receivables 2256 2505 2608
Other current assets 0 0 0
Cash and liquid assets 2356 2423 2369
Total assets 9280 9287 9286
Shareholders equity 3512 3144 2769
Minority 95 111 129
Total equity 3607 3255 2897
Long-term debt 2710 2974 3238
Pension debt 359 359 359
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 2163 2258 2351
Other current liabilities 441 441 441
Total liabilities and equity 9280 9287 9286
Net IB debt 713 910 1228
Net IB debt excl. pension debt 354 551 869
Capital invested 4319 4165 4125
Working capital 1548 1529 1610
EV breakdown 2020 2021 2022
Market cap. diluted (m) 31764 31764 31764
Net IB debt Adj 713 910 1228
Market value of minority 95 111 129
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 32571 32785 33120
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 132,1 132,9 138,3
Capital invested turnover (%) 266,7 290,9 310
Capital employed turnover (%) 185 186,1 196,4
Inventories / sales (%) 15,1 14,7 13,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 18,1 17,9 17,9
Working capital / sales (%) 12,6 12,5 12,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 19,8 27,9 42,4
Net debt / market cap (%) 2,9 2,9 3,9
Equity ratio (%) 38,9 35 31,2
Net IB debt adj. / equity (%) 19,8 27,9 42,4
Current ratio (%) 250 246,4 242,5
EBITDA / net interest (%) 2890,1 3042 2958
Net IB debt / EBITDA (%) 49,1 63 80,1
Interest cover (%) 2611,6 2924 2850
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 269 269 269
Fully diluted shares Adj 269 269 269
EPS 2,98 3,32 3,6
Dividend per share Adj 4,7 5 5
EPS Adj 3,66 3,84 4,09
BVPS 13,07 11,7 10,31
BVPS Adj 3,56 2,59 1,56
Net IB debt / share 2,7 3,4 4,6
Share price 91,8 118 118
Market cap. (m) 24661 31701 31701
Valuation 2020 2021 2022
P/E 39,6 35,5 32,8
EV/sales 2,77 2,66 2,58
EV/EBITDA 22,4 22,7 21,6
EV/EBITA 24,8 23,6 22,4
EV/EBIT 30 27,1 25,3
Dividend yield (%) 4 4,2 4,2
FCF yield (%) 2,7 3,4 3,2
P/BVPS 9,03 10,08 11,45
P/BVPS Adj 33,15 45,5 75,79
P/E Adj 32,3 30,7 28,9
EV/EBITDA Adj 22,4 22,7 21,6
EV/EBITA Adj 24,8 23,6 22,4
EV/EBIT Adj 30 27,1 25,3
EV/cap. employed 4,9 5 5,1
Investment ratios 2020 2021 2022
Capex / sales 0,6 0,8 0,8
Capex / depreciation 49,9 176,3 183,5
Capex tangibles / tangible fixed assets 40,9 68,8 86,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 82 39 46,9
N/A N/A N/A

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 % 31 Dec 2020
Tom Hedelius 2.2 % 15.2 % 31 Dec 2020
SEB Fonder 9.9 % 7.0 % 31 Dec 2020
Fidelity Investments (FMR) 9.9 % 6.9 % 30 Nov 2020
Swedbank Robur Fonder 8.4 % 5.9 % 31 Dec 2020
Lannebo Fonder 5.1 % 3.6 % 31 Dec 2020
ODIN Fonder 3.3 % 2.3 % 31 Dec 2020
Invesco 2.7 % 1.9 % 30 Dec 2020
Sandrew AB 2.6 % 1.9 % 31 Dec 2020
BlackRock 2.2 % 1.5 % 31 Dec 2020
Source: Holdings by Modular Finance AB