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Addtech

ADDT-B.ST Large Cap

Industrials · Industrial Distribution

Updated: May 21, 2026, 22:07 UTC

$332.60
+1.4% today
52W: $283.20 – $358.40
52W Low: $283.20 Position: 65.7% 52W High: $358.40

Key Metrics

P/E Ratio
41.89x
Price-to-Earnings
Forward P/E
42.42x
Forward Price/Earnings
P/S Ratio
3.95x
Price-to-Sales
EV/EBITDA
26.12x
Enterprise Value/EBITDA
Div. Yield
0.96%
Annual dividend yield
Market Cap
$89.8B
Market Capitalization
Revenue Growth
1.9%
YoY Revenue Growth
Profit Margin
9.46%
Net profit margin
ROE
28.6%
Return on Equity
Beta
—
Market sensitivity
Short Interest
—
% of float sold short
Avg. Volume
411,640
Average daily volume

Valuation Analysis

Signal
Overvalued
vs. S&P 500 avg P/E (24.7x)
Analyst Consensus
Buy
7 analysts
Avg. Price Target
$371.14
+11.59% upside
Target Range
$330.00 – $402.00

About the Company

Addtech AB (publ.) provides high-tech products and solutions in Sweden, Denmark, Finland, Norway, Germany, the United Kingdom, rest of Europe, and internationally. The company operates through Automation, Electrification, Energy, Industrial Solutions, and Process Technology segments. It produces and sells automation products and solutions, subsystems, and components for medical technology, industrial automation, and infrastructure, including solutions for industrial communications, built-in-data control systems, sensors, and cyber security solutions. The company also offers battery, energy-efficient power supply solutions, and power transmission; components and subsystems for electric driveline solutions; products for electric power transmission, electrical installation, and safety product

Sector: Industrials Industry: Industrial Distribution Country: Sweden Exchange: STO

Addtech Stock at a Glance

Addtech (ADDT-B.ST) is currently trading at $332.60 with a market capitalization of $89.8B. The trailing P/E ratio stands at 41.89x, with a forward P/E of 42.42x. The 52-week range spans from $283.20 to $358.40; the current price is 7.2% below the yearly high. Year-over-year revenue growth stands at +1.9%. The net profit margin stands at 9.46%.

💰 Dividend

Addtech pays an annual dividend of $3.20 per share, representing a yield of 0.96%. The payout ratio stands at 40.25%.

📊 Analyst Rating

7 analysts rate Addtech (ADDT-B.ST) on consensus: Buy. The average price target is $371.14, implying +11.59% from the current price. Analyst price targets range from $330.00 to $402.00.

Investment Thesis: Strengths & Weaknesses

Strengths
  • High return on equity (28.6% ROE)
  • Analyst consensus: Buy
  • Positive free cash flow
Weaknesses
  • –Currently flagged as overvalued

Technical Snapshot

50-Day MA
$323.06
+2.95% vs. price
200-Day MA
$320.28
+3.85% vs. price
Below 52W High
−7.2%
$358.40
Above 52W Low
+17.4%
$283.20

Price trades above both the 50- and 200-day moving averages, with 50d above 200d — a classic bullish setup (golden-cross alignment).

Risk Profile

Debt-to-Equity
85.47 · Moderate
Total debt / equity

Trading Data

50-Day MA: $323.06
200-Day MA: $320.28
Volume: 453,659
Avg. Volume: 411,640
Short Ratio: —
P/B Ratio: 12.62x
Debt/Equity: 85.47x
Free Cash Flow: $1.5B

💵 Dividend Info

Dividend Yield
0.96%
Annual Rate
$3.20
Payout Ratio
40.25%

Addtech 2026: Serial-Acquirer Model, Nordic Industrial Consolidation, and the Swedish Quality Compounder

The Real Story

Addtech is one of the best serial acquirers in Europe in 2026. The Swedish industrial group has built an extraordinary track record since its 2001 IPO: 350+ bolt-on acquisitions, 25%+ ROIC, 17% annualized total return. Q1/2026: revenue SEK 7.8B (+11% YoY), adjusted EBITA margin 16.5%, free cash flow SEK 880M.

The business model is classic Nordic-decentralized: Addtech operates through 150+ small subsidiaries in industrial-tech distribution (electromechanical components, hydraulics, automation). Annual acquisition pipeline: 15–25 bolt-ons at 6–8× EBITA (vs. Addtech's own 28× EBITA). That is structurally accretive capital deployment.

The dividend story: Addtech plans SEK 4.10/share for FY2025/26 (fiscal year ends April, from SEK 3.75 in FY2024/25) — a 9.3% raise. Dividend yield is low (1.1%), but Addtech has raised the dividend in 21 of the 23 years since IPO.

What Smart Money Thinks

2026 shareholder register: Roxette Photonics (Engdahl family) 12.4%, AMF Pensionsförsäkring 5.8%, Lannebo Fonder 4.1%. Free float roughly 70%.

Notable: Fundsmith Equity (Terry Smith) built a position in 2024 — a rare endorsement of a Swedish industrial mid-cap. Smith describes Addtech as a ‘perfect example of decentralized capital allocation’.

Explore the BMI Smart-Money Tracker →

📈 The 3 Real Bull Points

#1 Serial-acquirer model with 25%+ ROIC is structurally accretive

Addtech buys 15–25 bolt-ons annually at 6–8× EBITA against its own 28× multiple. The math is accretive: every SEK 1B of acquisition cash deployed creates 3.5× of market value. At SEK 1–1.5B in annual acquisitions, that is an 18-month EPS lever of 8–12%.

#2 Decentralized model with low operating risk

150+ small subsidiaries mean no single market move dominates group results. Losing a SEK 50M subsidiary is a sub-1% group EBITA hit. That is rare diversification for a mid-cap.

#3 23-year dividend track record with 13%+ annual growth

Since the 2001 IPO, Addtech has grown the dividend from SEK 0.18 to SEK 4.10 — 13%+ annualized. With a 35% payout-ratio discipline, further hikes are mechanically baked in.

📉 The 3 Real Bear Points

#1 Valuation is very high — 28× P/E

Addtech trades at 28× 2026 P/E — almost double the median for industrial distributors. If the acquisition pipeline cools or organic growth slips below 4%, 25–30% multiple compression can follow.

#2 Nordic industrial consolidation could intensify competition

Other Swedish serial acquirers (Lifco, Indutrade, Lagercrantz) compete for the same bolt-on targets. That has pushed the average acquisition multiple from 5× EBITA to 7.5× in 2024/25. If multiples keep rising, ROIC falls.

#3 Scandinavian industrial cycle is still fragile after a 2-year recession

Sweden, Finland and Norway saw GDP stagnation in 2024/25. If industrial investment fails to recover in 2026, Addtech's organic growth can drop to 2–3% (vs. 7% currently).

Valuation in Context

Addtech trades at 28× 2026 P/E and 19× EV/EBITDA — premium to industrial distributor median. A DCF with 8% WACC and 7% terminal growth (a higher number to reflect serial-acquirer capital allocation) yields a SEK 380–440 fair-value range. The current price (~SEK 365) sits at the low end. Dividend yield 1.1% on a 13%+ annual growth track record.

🗓️ Next 3 Catalyst Dates

  1. May 2026: FY2025/26 earnings plus the acquisition pipeline update for FY2026/27. Market expects 15+ new bolt-ons.
  2. August 2026: AGM with the SEK 4.10/share dividend vote. The 22nd hike in 24 years.
  3. Q4 2026: Possible larger mid-cap acquisition (SEK 200–500M range) — would lift 2026 acquisition volume above consensus.

💬 Daniel's Take

Addtech is my preferred quality compounder in hidden-champion format in 2026. The 23-year accretion track, the decentralized risk profile, and the Fundsmith endorsement make it a buy-and-hold position. I run 1.5% portfolio weight via monthly DCA in SEK. If you want higher yields, OMV or Erste Group are better — but for best-in-class capital allocation exposure, Addtech is uniquely positioned.

Sources (3)

Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.

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