Addnode Q2 Preview: Minor Changes
Research Update
2024-06-19
08:42
Redeye expects a Q2 report from Addnode with limited organic growth yet solid margins. Thanks to acquisitions, we expect solid overall growth y/y. We assume a general market environment roughly aligned with Q1, although the public sector might be somewhat softer.
Fredrik Nilsson
Anton Hoof
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DM: 3-year Licenses Likely to Remain at a High Level
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| SEKm | 2023 | 2024e | 2025e | 2026e | 2027e |
| Revenues | 7,412.0 | 8,773.3 | 9,815.5 | 10,797.6 | 11,862.1 |
| Revenue Growth | 19.1% | 18.4% | 11.9% | 10.0% | 9.9% |
| EBIT | 410.0 | 655.7 | 746.3 | 877.2 | 977.4 |
| EBIT Margin | 5.5% | 7.5% | 7.6% | 8.1% | 8.2% |
| EV/Revenue | 1.6 | 1.9 | 1.7 | 1.6 | 1.4 |
| EV/EBIT | 29.8 | 25.7 | 22.5 | 19.2 | 17.3 |
| EBITDA - CAPEX | 552 | 828 | 871 | 995 | 1109 |
| EBITDA - CAPEX Margin | 7.4% | 9.4% | 8.9% | 9.2% | 9.4% |
| EV/EBITDA - CAPEX | 22.1 | 20.3 | 19.3 | 17.0 | 15.3 |
| Net Debt | 837 | 1160 | 1161 | 1218 | 1273 |
| NWC/R12mSales | -7.3% | -7.0% | -6.9% | -7.0% | -7.0% |
Disclosures and disclaimers
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DM: 3-year Licenses Likely to Remain at a High Level
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