Addtech (Hold, TP: SEK300.00) - Growth set to keep compounding
We forecast c2% organic growth YOY for Q3 and expect an uptick for 2025/26e, driven by an easing investment climate for new projects with lower interest rates. Following a change of analyst, we have made minor divisional estimate changes and trimmed our EBITA for 2025/26e by 2% and for 2026/27e by 1%. We have downgraded Addtech to HOLD (BUY) and cut our target price to SEK300 (365) to align with historical multiples.
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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