Industrials · Industrial Distribution · Nasdaq Stockholm · Sweden
kr 300.20-2.66%
Market cap kr 81.1BNext earnings 2026-10-22Updated Oct 23, 2026
Our verdict
Trades 71% above our fair value
Price
kr 300.20
Model fair valueConfidence: good
kr 175
Model range
kr 146 to kr 223
Fair value kr 175
Price kr 300
3 models fit Addtech AB (publ.) and they disagree: 1 of 3 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionAddtech AB (publ.) (ADDT-B.ST)
Fair value (3 models)
kr 175
ACCE price target
kr 307
Rating
Overvalued
Horizon
12 months
Fair value published on 23 Oct 2026, 12:04 CEST; previously kr 183 since 22 Oct 2026, 12:04 CEST.
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: kr 300 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
71.5% above
-41.7% to fair value
ACCE score
46
out of 100
P/E
35.1x
forward 38.3x
1-year return
-6.8%
Dividend yield
1.17%
Addtech AB (publ.) in four questions
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Overview
ACCE thesis
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.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Rich valuation multiples
P/E of 39.6 and EV/EBITDA of 30.9 at kr 300.20 leave little room for an earnings miss; growth of 5.7% revenue and 14.8% earnings is solid but not enough to justify these multiples on its own.
moderate
Leverage above one-to-one
Debt/Equity of 0.92 is manageable given FCF of $1.2B, but it limits flexibility if acquisitions or a downturn hit at the same time.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Addtech has compounded revenue at 14.9% a year over five years, a pace few industrial groups in Europe match.
Return on equity of 26.9% shows the business earns strong returns on the capital shareholders have put in.
Analysts' mean price target of SEK 382.86 sits 17.1% above the share price, implying upside in their view.
Why it could disappoint
At 39.6 times trailing earnings, the shares price in a lot of future growth that must actually arrive.
Free cash flow yield of just 1.4% means investors receive little cash return at the current share price.
Return on invested capital of 11.8% is modest, and revenue grew only 5.7% in the latest year.
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Valuation
INVESTOR
Where ADDT-B.ST's valuation models land
Price
kr 300.20
Model fair value
kr 175
Model range
kr 146 to kr 223
Fair value kr 175
Price kr 300
The price is above the whole model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
Graham number
P/E comparison
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Quality
INVESTOR
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Analysts
Wall Street consensus
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