Addnode Group AB (publ) (ANOD-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

+34.3%

SEK 86.73

vs SEK 64.60 price

Levered DCF

SEK 66.26

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.69

Distress 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	33.76×	34.37×	40.81×	34.41×	64.61×	58.61×	46.49×	21.54×
P/B	4.75×	5.63×	5.38×	6.56×	8.5×	6.32×	4.23×	2.45×
P/S	2.24×	1.78×	1.54×	2.11×	3.53×	2.51×	1.74×	1.12×
EV / EBITDA	13.75×	13.74×	17.1×	16.12×	26.99×	21.85×	16.21×	10.59×
Gross margin	12.7%	54.1%	6.9%	21.3%	20.4%	18.7%	20.7%	22.2%
Operating margin	10.5%	7.7%	5.7%	8.5%	7.5%	6.0%	6.3%	6.9%
Net margin	6.6%	5.2%	3.8%	6.1%	5.5%	4.3%	3.8%	5.2%
Current ratio	0.94×	0.92×	0.99×	0.9×	0.89×	0.7×	0.67×	0.73×
Debt / equity	1.13×	0.7×	0.79×	0.53×	0.46×	0.55×	0.44×	0.41×
Interest coverage	3.18×	3.08×	4.28×	12.55×	19.06×	12.05×	12.11×	11.94×
Dividend yield	1.2%	1.0%	1.2%	0.8%	0.6%	0.7%	1.4%	2.1%
Payout ratio	40.1%	33.1%	47.7%	26.2%	37.7%	43.1%	65.1%	44.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.1%	16.4%	13.2%	19.1%	13.2%	10.8%	9.1%	11.4%
Return on invested capital	7.2%	8.5%	7.4%	11.7%	9.0%	7.1%	7.6%	7.9%
Return on assets	3.9%	4.7%	3.9%	6.2%	5.2%	4.3%	4.1%	4.9%
Free cash flow yield	1.2%	3.5%	2.5%	4.4%	2.3%	4.9%	5.6%	6.5%
Earnings yield	3.0%	2.9%	2.5%	2.9%	1.5%	1.7%	2.2%	4.6%
Enterprise value	SEK 15.4B	SEK 14.9B	SEK 12.4B	SEK 13.6B	SEK 14.8B	SEK 9.7B	SEK 6.3B	SEK 3.4B
Net debt / EBITDA	2.2×	0.97×	1.38×	0.56×	0.68×	0.41×	0.83×	0.49×
Cash conversion cycle (days)	67	34	46	30	42	37	45	58