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ABGSC Small Cap Research ... (+2)
  • ABGSC Small Cap Research
  • Karl Bokvist
BAYN BAYN EUROPE AB
AF B AF POYRY AB CLASS B
INDT INDUTRADE AB
RATO B RATOS AB CLASS B
VIT B VITEC SOFTWARE GROUP AB
HPOL B HEXPOL AB CLASS B
ADDV A ADDVISE GROUP
MCAP MEDCAP
A2DRL9 SDIPTECH AB B
BHG BHG GROUP
ADDT B ADDTECH AB CLASS B
LAGR B LAGERCRANTZ GROUP AB SERIES B
SWEC B SWECO AB CLASS B
SF STILLFRONT GROUP AB
SINCH SINCH AB
VIMIAN VIMIAN GROUP AB
BEIJ B BEIJER REF AB
LIFCO B LIFCO AB
NIBE B NIBE INDUSTRIER AB
INSTAL INSTALCO AB
HTRO HEXATRONIC GROUP AB
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
VESTUM VESTUM AB
EMBRAC B EMBRACER GROUP AB
GREEN GREEN LANDSCAPING GROUP AB (PUBL)
06/20/24 June 20, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
PREMIUM
INDT INDUTRADE AB
A2DRL9 SDIPTECH AB B ... (+6)

Serial acquirers Q1 recap: organic slowdown continues

Q1 recap: lower volumes, but strong margins, 1-3% adj. EBITA miss, '24e-'26e EBITA down 1-0% post-Q1, sector up 13% YTD (EPS up 5%), now trading at ~22x F12m EV/EBITA, 25% above 10Y avg.

INDT INDUTRADE AB
A2DRL9 SDIPTECH AB B
ADDT B ADDTECH AB CLASS B
LAGR B LAGERCRANTZ GROUP AB SERIES B
LIFCO B LIFCO AB
INSTAL INSTALCO AB
05/22/24 May 22, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
PREMIUM
ADDT B Addtech AB Clas...

Organic profit momentum continues to impress

Negative org. sales, but org. EBITA stays positive, '24/'25e-'26/'27e EBITA up 2-1%; 6% CAGR '23-'26e, keep HOLD, TP SEK 255 (245)

ADDT B ADDTECH AB CLASS B
05/16/24 May 16, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
ADDT B ADDTECH AB CLASS B
05/16/24 May 16, 2024 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
ADDT B Addtech AB Clas...

Addtech - At times like these Addtech grows with ease

6% EBITA beat as organic growth excels again (19%) ‘22/’23e-‘24/25e EBITA up 4-2%; 8% CAGR ’21-‘24e Keep HOLD, TP SEK 150 (150)

ADDT B ADDTECH AB CLASS B
10/27/22 October 27, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
ADDT B Addtech AB Clas...

Addtech - 6% EBITA beat on strong 19% organic growth

Sales +5%, EBITA +6% vs. cons, 19% organic growth Consensus to raise ‘22e-‘24e EBITA by 3-1% Solid, but so have peers; slight negative reaction likely

ADDT B ADDTECH AB CLASS B
10/27/22 October 27, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
ADDT B Addtech AB Clas...

Addtech - Heads-up for report 27 October

Addtech will report calendar Q3 (fiscal Q2) on Thursday, 27 October, at 08:00 CET. A conference call will follow at 10:00, dial in: SE , UK

ADDT B ADDTECH AB CLASS B
10/24/22 October 24, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
INDT INDUTRADE AB
A2DRL9 SDIPTECH AB B ... (+6)

Sector Report - Stronger for longer

Down to HOLD (Buy), TP SEK 150 (165) Calendar Q3 (fiscal Q2) report on Thursday, 27 October

INDT INDUTRADE AB
A2DRL9 SDIPTECH AB B
INSTAL INSTALCO AB
ADDT B ADDTECH AB CLASS B
LAGR B LAGERCRANTZ GROUP AB SERIES B
LIFCO B LIFCO AB
10/11/22 October 11, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
ADDT B Addtech AB Clas...

Addtech - Few worries, except valuation

Down to HOLD (Buy), TP SEK 150 (165) ’22/’23e EBITA +3%, ’23/’24e-’24/’25e EBITA down 3-2% Calendar Q3 (fiscal Q2) report on Thursday, 27 October

ADDT B ADDTECH AB CLASS B
10/11/22 October 11, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
ADDT B Addtech AB Clas...

Addtech - No signs of a slowdown in demand yet

Sales +9% vs. cons, adj. EBITA +13%; 17% org. growth Demand increasing sequentially, Q2 off to a good start Solid balance sheet and strong M&A pipeline

ADDT B ADDTECH AB CLASS B
07/15/22 July 15, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
ADDT B Addtech AB Clas...

Addtech - Heads-up for report 15 July

Addtech will report Q1 on Friday, 15 July. A conference call will follow at 10:00 CEST, dial in: SE 1, UK 4, pin: 22846167#

ADDT B ADDTECH AB CLASS B
07/13/22 July 13, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
INDT INDUTRADE AB
A2DRL9 SDIPTECH AB B ... (+6)

Sector Report - Take away M&A and you still see quality

Q1’22/23 report due Friday, 15 July ‘22e-‘24e adj. EBITA up 2-0% on M&A and FX Up to BUY (Hold) – TP of SEK 160 (182)

INDT INDUTRADE AB
A2DRL9 SDIPTECH AB B
INSTAL INSTALCO AB
ADDT B ADDTECH AB CLASS B
LAGR B LAGERCRANTZ GROUP AB SERIES B
LIFCO B LIFCO AB
06/30/22 June 30, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
ADDT B Addtech AB Clas...

Addtech - High quality no longer at a premium - BUY

Q1’22/23 report due Friday, 15 July ‘22e-‘24e adj. EBITA up 2-0% on M&A and FX Up to BUY (Hold) – TP of SEK 160 (182)

ADDT B ADDTECH AB CLASS B
06/30/22 June 30, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
ADDT B Addtech AB Clas...

Addtech - High quality still at a premium

Beats expectations for fourth quarter in a row Strong demand continues, with a loaded M&A pipeline ‘22/23-’24/25 adj. EBITA estimates up 6-8%

ADDT B ADDTECH AB CLASS B
05/17/22 May 17, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
ADDT B Addtech AB Clas...

Addtech - Heads-up for report 17 May

Addtech will report its Q4 results on Tuesday 17 May. A conference call will follow at 10:00, dial in: SE: 7, UK: 8

ADDT B ADDTECH AB CLASS B
05/12/22 May 12, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
INDT INDUTRADE AB
A2DRL9 SDIPTECH AB B ... (+6)

Sector Report - Divergence between ST woes and LT gains

Q4’21/22 report due Tuesday 17 May Potentially the last quarter with double-digit organic growth 21x ’23/24e EV/EBITA in M&A scenario

INDT INDUTRADE AB
A2DRL9 SDIPTECH AB B
INSTAL INSTALCO AB
ADDT B ADDTECH AB CLASS B
LAGR B LAGERCRANTZ GROUP AB SERIES B
LIFCO B LIFCO AB
04/12/22 April 12, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
ADDT B Addtech AB Clas...

Addtech - Showcasing its resilient business model

Q4’21/22 report due Tuesday 17 May Potentially the last quarter with double-digit organic growth 21x ’23/24e EV/EBITA in M&A scenario

ADDT B ADDTECH AB CLASS B
04/12/22 April 12, 2022 1 EN
Christer Linde
  • Christer Linde
PREMIUM
OSSR OSSUR HF.
GOMX GS SWEDEN AB ... (+25)

Strategy Fast Comment - Summary of ABGSC Investor Days, 8-9 March

38 companies presented at the seminar Mostly Swedish small caps attending See links to all company recordings

OSSR OSSUR HF.
GOMX GS SWEDEN AB
BRG B BERGS TIMBER
RROS ROTTNEROS AB
PREC PRECISE BIOMETRICS AB A
INXL AVENSIA INNOVATION AB
FPIP FORMPIPE SOFTWARE AB
AWP ARISE AB
MAHA A MAHA ENERGY
STEF B STENDOERREN FASTIGHETER AB CLASS B
VEFL SDB VOSTOK EMERGING FINANCE LTD
TRIAN B FASTIGHETS AB TRIANON CLASS B
MTHH MT HOJGAARD HOLDING
ULTI ULTIMOVACS
BOUL BOULE DIAGNOSTICS AB
IVACC INTERVACC AB
FAST A FASTPARTNER AB
ADDT B ADDTECH AB CLASS B
THUNDR THUNDERFUL GROUP
SEAF SEAFIRE
NWG NORDIC WATERPROOFING HOLDING AB
ORN ORN SOFTWARE
IRLAB A IRLAB THERAPEUTICS
PTRK PHYSITRACK
SECARE SWEDENCARE AB
03/21/22 March 21, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
ADDT B Addtech AB Clas...

Addtech - High quality at a premium

Changing our coverage from sponsored to rated research M&A scenario implies 15% ’21/22e-’26/27e EBITA CAGR HOLD, TP SEK 170, 7% upside

ADDT B ADDTECH AB CLASS B
03/14/22 March 14, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
ADDT B Addtech AB Clas...

Addtech - Terminating coverage

ABGSC terminates sponsored coverage of Addtech Coverage will be transferred to institutional research Last published estimates are shown in this report

ADDT B ADDTECH AB CLASS B
03/11/22 March 11, 2022 1 EN
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