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ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
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
10/29/24 October 29, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
ADDT B ADDTECH AB CLASS B
10/24/24 October 24, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
ADDT B ADDTECH AB CLASS B
10/24/24 October 24, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
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
10/11/24 October 11, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
ADDT B ADDTECH AB CLASS B
10/11/24 October 11, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
PREMIUM
ADDT B Addtech AB Clas...

Impressive performance set to continue

16% adj. EBITA growth (6-9% beat) as org. profits stay strong, '24/'25e-'26/'27e EBITA up 4-3%; 8% CAGR '23-'26e, keep BUY, TP SEK 360 (310)

ADDT B ADDTECH AB CLASS B
07/12/24 July 12, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
ADDT B ADDTECH AB CLASS B
07/12/24 July 12, 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: M&A in the driver's seat

M&A upside, organic rebound H2'24 and margin resilience. '24e-'26e EBITA/EPS roughly unchanged, '24 likely a slower year. Reinvestment & ROIC motivate 23x EBITA, ADDT/LAGR up to BUY.

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
07/09/24 July 9, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
PREMIUM
ADDT B Addtech AB Clas...

It Adds up – BUY

Up to BUY (Hold), TP SEK 310 (255), '24/25e-'26/27e EBITA up 0-1%; 7% CAGR '23-'26e, calendar Q2 due Friday 12 July.

ADDT B ADDTECH AB CLASS B
07/09/24 July 9, 2024 1 EN
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
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