Addtech (Hold, TP: SEK310.00) - Continually improving
Sales growth was 11% YOY (consensus 9%) in Q3, with a 4% beat versus consensus on EBITA and 2% on EPS. The solid EBITA was driven by a strong Energy segment, with the group EBITA margin up 80%-points YOY to 14.4%, above our estimate of 14.0%. We have raised our 2025/26e and 2026/27e EBITA by 2% and our target price to SEK310 (300), while we 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.