Addtech AB (publ.) (ADDT-B.ST) : juste valeur

Thèse ACCE

Addtech is a Swedish holding company that acquires and runs niche industrial technology distributors, selling components, automation parts, and fluid-handling and electrical products to a long tail of mostly European manufacturers. Its edge is decentralised operation: hundreds of small, autonomous subsidiaries, each with local customer relationships and pricing discipline, backed by a group that acquires steadily and rarely overpays for distribution assets. Revenue is growing 5.7% and the company runs a 26.9% return on equity with a 14.4% operating margin, but the stock trades at 37.4x trailing and 39.3x forward earnings, so the thesis depends on acquisitions continuing to compound at the same pace. Forward P/E above trailing signals that consensus expects earnings to dip near term, which is worth checking against the order book and the cyclical exposure of its European industrial customers. The name is worth a deeper look if you want exposure to serial acquisition in industrial distribution, and less so if you need the multiple to be justified by near-term earnings acceleration.