Addtech (Hold, TP: SEK295.00) - Consistent performance
We forecast Q4 sales of SEK5.6bn, with 4% organic growth YOY and EBITA of SEK838m, c2% below Infront consensus. We have updated our FX assumptions, made minor divisional estimate changes, and trimmed our 2026/27e EBITA by 1% amid an increasingly uncertain macroeconomic environment. Thus, we have cut our target price to SEK295 (310) but reiterate our HOLD.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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