Redeye expects a stable Q2 2026 report from Addnode, with a clearly negative headline in Design Management following last year’s pre-purchases in Q2 masking a largely unchanged underlying trend. For PLM and Process Management, we expect small changes q/q in terms of margins and market conditions. At around 8.5x EBITDA-CAPEX 2026e, the market it currently trading Addnode as a regular IT-service company rather than the hybrid SaaS/VAR serial acquirer it is according to us.
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