Addtech
ADDT-B.ST Large CapIndustrials · Industrial Distribution
Updated: Jul 6, 2026, 22:20 UTC
Price Chart
Key Metrics
Valuation Analysis
About the Company
Addtech AB (publ.) provides technical products and solutions for the manufacturing and infrastructure sectors in Sweden, Denmark, Finland, Norway, Germany, the United Kingdom, the rest of Europe, and internationally. The company operates through six segments: Automation, Electrification, Energy, Industry, Process, and Safety. It produces and sells solutions for industrial IT and communications, such as control systems, sensors and vision products, robotics, and data collection solutions; and designs and delivers systems and solutions for the forestry, specialized vehicles, mechanical engineering, electronics industries, waste management and recycling, as well as underwater technology. The company also offers power supply and transmission, electric drivetrain solutions, advanced battery sys
Addtech Stock at a Glance
Addtech (ADDT-B.ST) is currently trading at $340.00 with a market capitalization of $91.8B. The trailing P/E ratio stands at 42.82x, with a forward P/E of 43.37x. The 52-week range spans from $283.20 to $358.40; the current price is 5.1% 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 0.94%. The payout ratio stands at 40.25%.
📊 Analyst Rating
7 analysts rate Addtech (ADDT-B.ST) on consensus: Strong Buy. The average price target is $379.14, implying +11.51% from the current price. Analyst price targets range from $330.00 to $405.00.
Addtech: The Investment Case in Detail
Addtech (ADDT-B.ST) operates in the Industrials — specifically Industrial Distribution — and is headquartered in Sweden. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bull Case
Return on equity of 28.6% places management among the most capital-efficient operators in the public market — every euro of shareholder capital is working hard.
The Bear Case
Revenue growth has slowed to just 1.9%, which is below nominal GDP — the business is no longer outgrowing the broader economy. Our valuation screen flags the stock as overvalued — current multiples imply the business needs to deliver well above its recent trajectory to justify the price.
Valuation in Context
At a PEG of 4.1, investors are paying more than three times the growth rate for each unit of earnings — that pricing assumes growth not only continues but accelerates from here. The EV/EBITDA multiple of 26.84x reflects rich expectations — historically, multiples at this level have proven hard to maintain for more than a few quarters.
Investment Thesis: Strengths & Weaknesses
- High return on equity (28.6% ROE)
- Analyst consensus: Strong Buy
- Positive free cash flow
- –Currently flagged as overvalued
Technical Snapshot
Price trades above both the 50- and 200-day moving averages, with 50d above 200d — a classic bullish setup (golden-cross alignment).
Risk Profile
The data points to market-like volatility.
Trading Data
💵 Dividend Info
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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
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%.
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.
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
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.
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.
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
- May 2026: FY2025/26 earnings plus the acquisition pipeline update for FY2026/27. Market expects 15+ new bolt-ons.
- August 2026: AGM with the SEK 4.10/share dividend vote. The 22nd hike in 24 years.
- 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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