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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 11617 12344
Sales growth (%) 26,5 14,5 6,3
EBITDA 1139 1328 1401
EBITDA margin (%) 11,2 11,4 11,3
EBIT adj 910 1076 1119
EBIT adj margin (%) 9 9,3 9,1
Pretax profit 865 1039 1076
EPS rep 9,81 11,96 12,33
EPS growth (%) 28,2 21,9 3,1
EPS adj 11,84 14,26 14,87
DPS 5 5 4,7
EV/EBITDA (x) 11,1 14,2 13
EV/EBIT adj (x) 13,9 17,5 16,2
P/E (x) 16,1 21,2 20,6
P/E adj (x) 13,4 17,8 17,1
EV/sales (x) 1,2 1,6 1,5
FCF yield (%) -1,9 0,3 3,1
Dividend yield (%) 3,2 2 1,9
Net IB debt/EBITDA 1,7 1,2 0,7
SEKm 2018 2019e 2020e
Sales 10148 11617 12344
COGS -7025 -8038 -8511
Gross profit 3123 3579 3833
Other operating items -1984 -2251 -2432
EBITDA 1139 1328 1401
Depreciation on tangibles -54 -56 -65
Depreciation on intangibles 0 0 0
EBITA 1085 1272 1336
Goodwill impairment charges 0 0 0
Other impairment and amortisation -175 -196 -217
EBIT 910 1076 1119
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 1039 1076
Tax -193 -221 -233
Net profit 672 818 843
Minority interest -13 -15 -15
Net profit discontinued 0 0 0
Net profit to shareholders 659 804 828
EPS 9,81 11,96 12,33
EPS Adj 11,84 14,26 14,87
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 11,4 11,3
EBITA margin (%) 10,7 10,9 10,8
EBIT margin (%) 9 9,3 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 14,5 6,3
EBITDA growth (%) 29,1 16,6 5,5
EBIT growth (%) 29,8 18,2 3,9
Net profit growth (%) 27,8 21,8 3
EPS growth (%) 28,2 21,9 3,1
Profitability 2018 2019 2020
ROE (%) 29,1 29,9 26,1
ROE Adj (%) 35,1 35,6 31,5
ROCE (%) 21,4 19,9 17,4
ROCE Adj(%) 25,5 23,5 20,8
ROIC (%) 16,1 17 17,6
ROIC Adj (%) 16,1 17 17,6
Adj earnings numbers 2018 2019 2020
EBITDA Adj 1139 1328 1401
EBITDA Adj margin (%) 11,2 11,4 11,3
EBITA Adj 1085 1272 1336
EBITA Adj margin (%) 10,7 10,9 10,8
EBIT Adj 910 1076 1119
EBIT Adj margin (%) 9 9,3 9,1
Pretax profit Adj 1040 1235 1293
Net profit Adj 808 973 1014
Net profit to shareholders Adj 795 958 999
Net Adj margin (%) 8 8,4 8,2
SEKm 2018 2019e 2020e
EBITDA 1139 1328 1401
Net financial items -45 -37 -43
Paid tax -193 -221 -233
Non-cash items 49 60 0
Cash flow before change in WC 950 1130 1125
Change in WC -426 -318 -28
Operating cash flow 524 813 1097
CAPEX tangible fixed assets -80 -109 -99
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -645 -661 -462
Free cash flow -201 43 536
Dividend paid -268 -335 -335
Share issues and buybacks -35 0 0
Other non cash items -51 0 0
Decrease in net IB debt -555 -292 201
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1767 1810 1850
Indefinite intangible assets 0 0 0
Definite intangible assets 1186 1028 842
Tangible fixed assets 270 241 205
Other fixed assets 45 45 45
Fixed assets 3268 3125 2941
Inventories 1417 1851 1724
Receivables 2065 2203 2506
Other current assets 0 0 0
Cash and liquid assets 295 1374 2301
Total assets 7045 8553 9472
Shareholders equity 2455 2924 3417
Minority 65 80 94
Total equity 2520 3003 3511
Long-term debt 2027 2797 3061
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 2112 2259
Other current liabilities 412 412 412
Total liabilities and equity 4515 5519 7045
Net IB debt 1961 1652 989
Net IB debt excl. pension debt 1732 1423 760
Capital invested 4893 5067 4912
Working capital 1625 1943 1971
EV breakdown 2018 2019 2020
Market cap. diluted (m) 10629 17066 17066
Net IB debt Adj 1961 1652 989
Market value of minority 65 80 94
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 12655 18798 18149
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 161,5 149 137
Capital invested turnover (%) 230,8 233,3 247,4
Capital employed turnover (%) 238,6 215 192,4
Inventories / sales (%) 12,5 14,1 14,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,2 17,1 17,7
Working capital / sales (%) 13,9 15,4 15,9
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 77,8 55 28,2
Net debt / market cap (%) 15,7 9,7 5,8
Equity ratio (%) 35,8 35,1 37,1
Net IB debt adj. / equity (%) 77,8 55 28,2
Current ratio (%) 166,5 215,1 244,5
EBITDA / net interest (%) 2531,6 3578,1 3284,5
Net IB debt / EBITDA (%) 172,1 124,4 70,6
Interest cover (%) 2411,6 3426,2 3132,1
SEKm 2018 2019e 2020e
Shares outstanding adj. 67 67 67
Fully diluted shares Adj 67 67 67
EPS 9,81 11,96 12,33
Dividend per share Adj 5 5 4,7
EPS Adj 11,84 14,26 14,87
BVPS 36,62 43,6 50,96
BVPS Adj -7,43 1,27 10,82
Net IB debt / share 29,2 24,6 14,7
Share price 186,82 254 254
Market cap. (m) 12526 17030 17030
Valuation 2018 2019 2020
P/E 16,1 21,2 20,6
EV/sales 1,25 1,62 1,47
EV/EBITDA 11,1 14,2 13
EV/EBITA 11,7 14,8 13,6
EV/EBIT 13,9 17,5 16,2
Dividend yield (%) 3,2 2 1,9
FCF yield (%) -1,9 0,3 3,1
P/BVPS 4,32 5,83 4,98
P/BVPS Adj -21,3 199,61 23,48
P/E Adj 13,4 17,8 17,1
EV/EBITDA Adj 11,1 14,2 13
EV/EBITA Adj 11,7 14,8 13,6
EV/EBIT Adj 13,9 17,5 16,2
EV/cap. employed 2,6 3,1 2,7
Investment ratios 2018 2019 2020
Capex / sales 0,8 0,9 0,8
Capex / depreciation 148,1 192,4 151,9
Capex tangibles / tangible fixed assets 29,6 45 48,3
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

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Media

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

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Main shareholders

Addtech

Main shareholders Share capital % Voting shares % Verified
Anders Börjesson & Tisenhult-Gruppen 2.3 % 15.8 % 31 Jul 2019
Tom Hedelius 2.2 % 15.2 % 31 Jul 2019
SEB Fonder 9.1 % 6.4 % 30 Jun 2019
Swedbank Robur Fonder 8.6 % 6.0 % 31 Jul 2019
Fidelity Investments (FMR) 8.2 % 5.8 % 24 Jul 2019
Lannebo Fonder 5.6 % 3.9 % 31 Jul 2019
ODIN Fonder 4.1 % 2.9 % 31 Jul 2019
Livförsäkringsbolaget Skandia 3.3 % 2.3 % 31 Jul 2019
Mawer Investment Management 3.0 % 2.1 % 30 Jun 2019
Sandrew AB 2.6 % 1.9 % 31 Jul 2019
Source: Holdings by Modular Finance AB

Insider list

Addtech

Name Quantity Code Date
Johan Sjö - 10 000 SELL 15 Jul 2019
Hans Andersén + 1 788 BUY 10 Jun 2019
Hans Andersén + 1 788 BUY 10 Jun 2019
Hans Andersén - 11 500 SELL 7 Jun 2019
Johan Sjö - 19 454 SELL 5 Jun 2019
Niklas Stenberg - 15 000 SELL 5 Jun 2019
Niklas Stenberg + 12 300 BUY 3 Jun 2019
Niklas Stenberg + 12 300 BUY 3 Jun 2019
Johan Sjö - 10 546 SELL 31 May 2019
Patrik Klerck - 8 750 SELL 28 May 2019

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