Addtech AB (publ.) (ADDT-B.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-58.0%

SEK 129.52

vs SEK 308.40 price

Levered DCF

SEK 160.49

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.32

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	39.95×	41.77×	39.9×	34.65×	45.61×	49.62×	19.04×	20.48×
P/B	10.98×	11.92×	10.9×	10×	12.47×	10.87×	5.44×	5.47×
P/S	3.78×	3.62×	3.25×	2.77×	3.49×	3.09×	1.4×	1.33×
EV / EBITDA	22.58×	30.48×	21.23×	19.71×	25.53×	25.23×	11.97×	13.56×
Gross margin	33.3%	32.1%	31.7%	30.0%	30.8%	30.6%	31.1%	30.8%
Operating margin	13.6%	12.6%	12.1%	11.6%	10.7%	8.7%	9.9%	9.0%
Net margin	9.5%	8.7%	8.2%	8.0%	7.7%	6.2%	7.3%	6.5%
Current ratio	1.49×	1.55×	1.48×	1.48×	1.14×	1.19×	1.6×	1.19×
Debt / equity	0.92×	0.93×	0.87×	0.91×	1.06×	1×	0.87×	0.81×
Interest coverage	14.9×	11.39×	8.79×	14.35×	24.21×	16.48×	23.22×	26×
Dividend yield	1.0%	1.0%	1.0%	0.9%	0.7%	0.8%	2.0%	2.0%
Payout ratio	40.2%	39.9%	41.3%	32.4%	30.1%	38.1%	39.0%	40.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	27.5%	28.5%	27.3%	28.8%	27.3%	21.9%	28.6%	26.7%
Return on invested capital	14.1%	14.4%	14.8%	15.1%	12.6%	10.4%	14.5%	13.3%
Return on assets	10.1%	10.2%	9.8%	9.8%	8.6%	7.2%	10.1%	9.4%
Free cash flow yield	1.4%	3.4%	3.7%	3.3%	2.0%	4.0%	6.2%	3.2%
Earnings yield	2.5%	2.4%	2.5%	2.9%	2.2%	2.0%	5.3%	4.9%
Enterprise value	SEK 91.4B	SEK 84B	SEK 69.5B	SEK 56B	SEK 52.8B	SEK 37.8B	SEK 18.7B	SEK 15.2B
Net debt / EBITDA	1.4×	1.82×	1.35×	1.45×	1.81×	1.87×	1.44×	1.53×
Cash conversion cycle (days)	105	101	110	113	115	98	95	95