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ANOD B ADDNODE GROUP

Addnode AB: 1 director

A director at Addnode AB sold 25,000 shares at 117.000SEK and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...

02/08/23 February 8, 2023 1 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP

Addnode Group - Margin beats in all segments

Q1 Adj. EBITA +21% vs cons driven by better margin Positive outlook on demand, M&A and profitability Estimates and share up 5-10% today

04/29/22 April 29, 2022 1 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP

Addnode Group - Starting off 2022 with three acquisitions

Three accretive acquisitions in Q1’22 at est. ~7x EBITA Microdesk and Desys add 25% on sales, 10% on EBITA 27.7x 2022e EV/EBITA, TP SEK 420 (380); HOLD

04/11/22 April 11, 2022 1 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP

Addnode Group - Two acquisitions at the same time

Acquires German DESYS (PLM) & US Microdesk (DM) Add ~10% to EBITA at an estimated ~7x EV/EBITA Share likely up 5-10% tomorrow

03/01/22 March 1, 2022 1 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP

Addnode Group - Ending 2021 on a high

Adj. EBITA rising 3-5% following a strong Q4 Delivering on M&A is key for 2022 10% premium to compounders; HOLD, TP 380 (360)

02/09/22 February 9, 2022 1 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP

Addnode Group - Q4 adj. EBITA +15% vs cons

Beat over all business areas on organic growth & margin 12% org. growth ended a solid year, M&A pipeline good Estimates up 5%, share 5-8% on strong momentum

02/04/22 February 4, 2022 1 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP

Addnode Group - Public sector Sweden leading the way

Broad-based beat, with Process Management in the lead Adj. EBITA up 1-3% on margin revisions 16% discount to M&A peers; HOLD, TP up to 360 (350)

11/04/21 November 4, 2021 10 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP

Addnode Group - Solid growth and a 15% EBITA beat

Sales 0% vs cons (7% org growth), EBITA +15% vs cons Process Management again the shining star Estimates up 3-5%, share similarly today

10/29/21 October 29, 2021 5 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP

Addnode Group - Lots to like, except the valuation

Organic growth surprised and is trending upwards M&A could add 25%, target multiples remain low Valuation in line with compounder peers; HOLD

07/21/21 July 21, 2021 11 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP

Addnode Group - Back to organic growth

14% organic growth (ABGe 9%), adj. EBITA -7% vs cons All segments grew organically 13-16%, strong in PM Estimates neutral, share up 2-4% on organic growth beat

07/21/21 July 21, 2021 5 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP

Addnode Group - Much better than we feared

Organic sales -14% y-o-y, but only -1% EBITA growth We raise our ’21e-’23e EBITA by 11% after the report Reiterate HOLD, TP SEK 290 (240); M&A could trigger

05/02/21 May 2, 2021 10 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
KNOW KNOW IT AB
ANOD B ADDNODE GROUP

Sector Fast Comment - Intensified M&A activities for IT services firms

Starting off 2021 strong in terms of M&A Radar estimates 7% growth in 2021 (-9% in 2020) We rate Knowit BUY, M&A activity should remain high

KNOW KNOW IT AB
ANOD B ADDNODE GROUP
04/16/21 April 16, 2021 3 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP

Addnode Group - Heads-up for tough comps in Q1’21e

Mixed bag in Q4 but good cost control Negative rev. in DM, -17% org. in Q1e on tough comps Reiterate HOLD, main trigger is M&A, TP SEK 240 (220)

02/12/21 February 12, 2021 11 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP

Addnode Group - Delivers on cost, growth back in a few quarters

Q3: 104% adj. EBITA beat due to cost and gov’t support Organic growth to return in H1’21e, M&A coming closer Discount valuation supports, but we stick to HOLD

10/23/20 October 23, 2020 11 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP

Addnode Group - Strong beat on margins

Sales in line, adj. EBITA +104% vs cons on costs Lowering charge for cost savings program – positive Estimates and share +5-10% today

10/23/20 October 23, 2020 6 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
KNOW KNOW IT AB
ANOD B ADDNODE GROUP ... (+3)

Sector Fast Comment - Better confidence, but not a V-shaped recovery

Feedback from today’s seminar with five IT companies Public, e-commerce and telecom are preferred exposures Sector trading in line with market, Knowit is our top pick

KNOW KNOW IT AB
ANOD B ADDNODE GROUP
HIQ HIQ INTERNATIONAL AB
08/25/20 August 25, 2020 6 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP

Addnode Group - Cyclical exposure visible, limited upside

Fairly in line Q2 vs. expectations, 12% organic decline Cost savings and M&A could add 30-40% to ‘21e EBITA Adj. EBITA ’21-‘22e up 3-4%, HOLD TP SEK 200 (185)

07/21/20 July 21, 2020 12 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP

Addnode Group - PM and gov support drove adj. EBITA 3% y-o-y

-12% organic decline in Q2, EBITA held up by gov support Initiates cost programme in PLM Estimates likely down in ‘20e and slightly up in ’21-‘22e

07/17/20 July 17, 2020 6 EN
André Thormann ... (+11)
  • André Thormann
  • Bengt Jonassen
  • Daniel Thorsson
  • Erik Moberg
  • Jan Erik Gjerland
  • Karl Fredrik Schjøtt-Pedersen
  • Mads Thinggaard
  • Olof Cederholm
  • Oskar Vikström
  • Peter Kurt Nielsen
  • Viktor Sundberg
PREMIUM
AKRBP AKER BP ASA
TEL TELENOR ASA ... (+17)

Talking Points - Oncopeptides (Buy): FDA filing coming up

Veidekke (Buy) Preview of results: Look beyond the short-term uncertainty We compare timelines with XPOVIO (selinexor) Reiterate BUY for our top pick in the sector

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VNE SDB VEONEER
04/27/20 April 27, 2020 6 EN
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath
PREMIUM
ANOD B ADDNODE GROUP

Addnode Group - Starting off ’20 strongly, now the fight begins

9% organic growth and 32% EBITA growth in Q1 -15-20% EBITA decline in Q2-Q3e; public holding up well EBITA up 4-5%, 15.0x ‘21e EV/EBITA, reiterate HOLD

04/24/20 April 24, 2020 11 EN
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