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ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
11/20/24 November 20, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
10/24/24 October 24, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
10/24/24 October 24, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
10/23/24 October 23, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
10/18/24 October 18, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
10/11/24 October 11, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
09/18/24 September 18, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
08/30/24 August 30, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
08/21/24 August 21, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP A...

Risks hovering across all segments

We see organic growth risks in all three segments in H2e. We cut adj. EBITA by 3-6% on the back of the weak Q2. Share has had a strong rally (+43% YTD), downgrade to HOLD (Buy)

ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
07/12/24 July 12, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
07/12/24 July 12, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP A...

We are still positive but upside has narrowed

Q2e: easy comps from PW last year, 55% adj. EBITA growth. Autodesk transaction model change visible from Q3e. BUY but less upside after strong share price rise.

ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
07/02/24 July 2, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
06/26/24 June 26, 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 IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
06/14/24 June 14, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
04/26/24 April 26, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP A...

Impressive recovery in DM to continue

Cost control in DM behind Q1 beat, adj. EBITA up 4%. We estimate 55% adj. EBITA growth in Q2e vs. 25% in Q1. M&A outlook positive, BUY on quality growth, TP SEK 135 (130).

ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
04/25/24 April 25, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
04/25/24 April 25, 2024 1 EN
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Daniel Thorsson
  • Simon Granath
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
04/24/24 April 24, 2024 1 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP A...

Addnode Group - Impressive execution, we stick to BUY

Broad-based beat in Q3 lifts adj. EBITA 6-16% Few signs of a slowdown; we are cautious about extrapolating 20.1x 2023e EV/EBITA, reiterate BUY, TP of SEK 120 (115)

ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
10/30/22 October 30, 2022 1 EN
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