We hosted Addtech CFO Malin Enarson at today’s ABGSC investor day seminar. Ms. Enarson clarified that Addtech’s exposure towards Russia is negligible, with close to 0% suppliers in Russia and next to no sales exposure (ABGSCe <1%). there could be other, more indirect consequences, however, if russian aggression continues, such as accelerating cost inflation or similar, said enarson. for now, addtech’s cfo states that strained supply chains and cost inflation are at the same level as they were in the previous quarter and emphasised that addtech’s companies have successfully offset cost inflation with price increases, adding that they have historically proven able to secure supply and are expected to continue doing so.
Customer activity, demand remain high
Enarson also highlighted the high level of customer activity and good demand, citing end-segments such as Energy (wind power and transmission) and Forestry (sawmill industry) as being very strong. We expect 13% (-10%) organic growth in Q4’21/22e, roughly in line with both consensus and Q3’21/22.
~24x f12m adj. EV/EBITA
The share is down ~29% YTD and is currently trading at 23.8x f12m adj. EV/EBITA on consensus numbers (yesterday’s closing price), down from 35.5x in Dec ’21; this is 12% above peers and 16% above closest peer Lagercrantz at 20.5x f12m adj. EV/EBITA.
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