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Addnode Group AB (publ)

ANOD-B.ST
38
Information Technology Services · Technology
Also trades as: 0GMG.L GBP 0.52 (-0.58%)
Price
kr 51.00
-0.70 (-1.35%)
Market Cap
kr 6.71B
Exchange
Stockholm Stock Exchange
Winston Score
38
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Oct 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
6/30
Growth
Mixed
5/20
Cash Flow
Strong
8/10
Stability
Mixed
4/10
Valuation
Strong
7/10
Ownership
Mixed
6/15
Dividends
Mixed
2/5

38 of 100 counted points = Winston Score 38.

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§Winston Score History

The full picture

Addnode Group is a Swedish software company that sells specialized software and digital services to businesses and governments. Its main products help customers manage things like product design, construction projects, and public sector administration. The company focuses on niche markets where customers need highly specific tools, and it sells to clients across Europe — especially in Sweden, the UK, and Germany.

Addnode makes money by selling software licenses, subscriptions, and related consulting services. It has grown largely by acquiring smaller software companies that serve specific industries, which gives it a broad portfolio of products with loyal, hard-to-switch customers. The company operates mainly in Northern Europe and generates roughly $1 billion in annual revenue. Its biggest growth driver is continuing to find and acquire niche software businesses, but that strategy also carries risk — overpaying for acquisitions or failing to integrate them well could hurt profitability over time.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-80.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

4.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 890M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Addnode Group AB (publ)'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 134.2M (2021) → 134.0M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
4.0%
Thin — 4.0% gross margin
Profit after running costs
Operating Margin
4.0%
Thin — 4.0% operating margin
Return on the money invested
ROCE
8.9%
Below par — 8.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-6.5%
Shrinking sales (-6.5% YoY)
Profit growth
EPS YoY
-24.4%
Earnings shrinking (-24.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
211%
Turns 211% of profit into real cash
Spare cash per sale
FCF Margin
6.6%
Modest free cash flow (6.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
1.11
Elevated debt (1.11)
Covers its interest
Interest Cover
2.53x
Tight — interest eats into profit (2.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
21.3x
Growth-priced — P/E 21.3

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+8.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (21.3 → 12.6)

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Dividends

Dividend
Dividend Yield
2.31%
Moderate income — 2.31% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-57.4%
Dividend cut (-57.4% YoY) — warning sign

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