ADDNODE GROUP
Share data
Analysts:
Great potential outside
the Nordic region
“Addnode Group has great potential for continued
growth through acquisitions, mainly in the German
and UK markets,” says Kristoffer Lindström,
an analyst at Redeye.
as construction and real estate, manufacturing, life sciences,
retailing and the public sector, which reduces dependence
on individual markets and sectors.
“One short-term risk which may become an advantage
over the long term is in the subsidiary Cad-Q*, whose sales
of Autodesk products are changing over from a licence to a
subscription model. This will result in an initial drop in sales
and earnings, but over the long term it will increase the share
of recurring revenue. In addition, to a greater extent than
other listed companies with IT consultants, Addnode Group
has own products and services, which translates to a higher
share of recurring revenue.”
HOW WELL DID ADDNODE GROUP MEET
YOUR EXPECTATIONS IN 2015?
“Summing up 2015, we can see that both sales and EBITA were
in line with our prognostications. The Design Management
business area was affected by weaker economies in Norway
and Finland, which had a negative impact on sales and
earnings. The company’s acquisition of the German company
Transcat PLM led to sharp growth and improved earnings for
the PLM business area. The operating margin was affected by
the acquisition, as Transcat PLM has a product mix with lower
operating margins than the Group as a whole. The company
reports that the acquired business is performing better than
anticipated, and at year-end the PLM business area reported
an EBITA margin that was higher than our forecasts.”
WHAT OPPORTUNITIES DO YOU SEE FOR
ADDNODE GROUP IN THE YEARS IMMEDIATELY AHEAD?
“We believe that Addnode Group needs to expand outside of
the Nordic region to continue growing in its niche areas. We
also believe that Addnode Group has opportunities for new
acquisitions in both existing and new European markets. The
company is financially strong and has shown that it is adept
at carrying out acquisitions, which has led to the company
making a name for itself in Germany and the UK.”
WHAT ARE THE GREATEST RISK FACTORS?
“Acquisition-based growth always entails some risk. In
Addnode Group’s case, acquisitions are often preceded by
a long-term relationship, which reduces the operational
risk. There is always some cyclical risk in a business. Right
now the Norwegian market and oil price development
are perhaps the greatest uncertainties. At the same time
we must remember that Addnode Group has increasingly
diversified business across several countries in sectors such
SEK
*Undergoing name change to Symetri.
3.18 SEK 2.25
EARNINGS PER SHARE
AFTER DILUTION 2015
BOARD OF DIRECTORS’
PROPOSED DIVIDEND FOR 2015
33%
CHANGE IN SHARE PRICE FOR
ADDNODE GROUP ’S CLASS B
SHARES IN 2015
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2016-05-12 08:52:42