Addnode Q3 Preview: Slight Cuts in PLM
Research Update
2024-10-14
06:45
Analyst Q&A
Closed
Fredrik Nilsson answered 2 questions.
Redeye expects a stable Q3 report from Addnode with limited growth yet solid margins. While keeping our Base Case unchanged, we lower 2024 and 2025 slightly on the back of a softer automotive industry, affecting PLM.
Fredrik Nilsson
Anton Hoof
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DM: 3-year Licenses Likely to Remain at a High Level Driven by Europe
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| SEKm | 2023 | 2024e | 2025e | 2026e | 2027e |
| Revenues | 7,412.0 | 8,141.1 | 6,641.3 | 7,502.4 | 8,441.1 |
| Revenue Growth | 19.1% | 9.8% | -18.4% | 13.0% | 12.5% |
| EBIT | 410.0 | 586.5 | 737.0 | 851.6 | 957.4 |
| EBIT Margin | 5.5% | 7.2% | 11.1% | 11.4% | 11.3% |
| EV/Revenue | 1.6 | 1.9 | 2.3 | 2.0 | 1.8 |
| EV/EBIT | 29.8 | 25.8 | 20.7 | 17.9 | 15.9 |
| EBITDA - CAPEX | 552 | 758 | 923 | 1043 | 1146 |
| EBITDA - CAPEX Margin | 7.4% | 9.3% | 13.9% | 13.9% | 13.6% |
| EV/EBITDA - CAPEX | 22.1 | 20.0 | 16.5 | 14.6 | 13.3 |
| Net Debt | 837 | 1234 | 1314 | 1298 | 1294 |
| NWC/R12mSales | -7.3% | -7.0% | -7.0% | -7.0% | -7.0% |
Disclosures and disclaimers
Contents
DM: 3-year Licenses Likely to Remain at a High Level Driven by Europe
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