Addtech AB (publ.)

ADDT-B.ST

Industrial - Distribution · Industrials

Also trades as: 0QI7.L

Price

kr 337.80

+2.80 (+0.84%)

Market Cap

kr 86.89B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Strong

Stability

Strong

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

Addtech is a Swedish industrial distribution and trading company that buys and sells technical components, systems, and solutions to manufacturers and industrial customers across many different industries. Its products include everything from electronics and power systems to hydraulics, automation parts, and specialty materials. The company operates mainly in the Nordic region — Sweden, Finland, Norway, and Denmark — and sells to customers in sectors like defense, energy, manufacturing, and healthcare.

Addtech makes money by buying technical products from suppliers and reselling them with added services like technical support, customization, and logistics. It is built around a decentralized model of many small, specialized subsidiaries, each focused on a niche product area — this structure gives it flexibility and deep customer relationships that are hard for larger generalist distributors to replicate. The company has grown significantly through acquisitions over the years, and its main growth driver going forward is continued bolt-on acquisitions of niche technical distributors, while its key risk is overpaying for deals or integrating them poorly.

Growth Profile

For growth stock investors

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

Revenue Growth

+5.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+13.9% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

1.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 1.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Addtech AB (publ.) is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

−0.2% over 4y

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

Diluted shares outstanding: 270.3M (2022) → 269.9M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

33.7%

Modest — 33.7% gross margin

Profit after running costs

Operating Margin

13.6%

Healthy — 13.6% operating margin

Return on the money invested

ROCE

20.2%

Exceptional — 20.2% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+3.8%

Slow sales growth (+3.8% YoY)

Profit growth

EPS YoY

+13.8%

Earnings growing (+13.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

141%

Turns 141% of profit into real cash

Spare cash per sale

FCF Margin

5.9%

Thin free cash flow (5.9%)

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

0.79

Moderate — manageable debt (0.79)

Covers its interest

Interest Cover

15.87x

Comfortably covers interest (15.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

40.9x

Pricey — P/E 40.9

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+10.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (40.9 → 30.3)

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Dividends

Dividend

Dividend Yield

1.07%

Small dividend — 1.07% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+0.8%

Dividend flat

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