# Addtech AB (publ.) (ADDT-B.ST)

Canonical: https://gigainvestors.com/s/ADDT-B.ST

Analysis as of: 2026-10-16T07:36:08.907Z. Financial observations: FY2001–FY2026.

Listing currency: SEK. Reporting currency: SEK.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: SEK 330.00 per share; close as of 2026-10-15.

Estimated value: low SEK 103.81 per share, central SEK 122.46 per share, high SEK 142.14 per share. Buy at or below the central value SEK 122.46 per share. Valuation as of 2026-10-16T07:36:08.907Z; scenarios are not confidence intervals.

Expected annual return: 5.5% at the stated quote. About 5.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SE 10-year bond 3.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.10×

- FY2021: 0.09×

- FY2022: 0.11×

- FY2023: 0.12×

- FY2024: 0.12×

- FY2025: 0.13×

- FY2026: 0.14×

### moat: pass

- ROIC, median of available years: 31.0%

- ROIC, second-lowest year: 26.8%

- Typical minus recent gross margin: -1.0 pp

- Typical gross margin (annual median): 31.1%

- Recent gross margin (lower of latest and 3-year median): 32.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.9%

- ROIC including acquisitions, ten-year median: 18.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 33.4%

- FY2018: 30.7%

- FY2019: 29.3%

- FY2020: 28.0%

- FY2021: 23.4%

- FY2022: 26.8%

- FY2023: 31.3%

- FY2024: 33.1%

- FY2025: 34.8%

- FY2026: 34.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 9.1B

- Net income, five-year total: SEK 8.2B

- Return on incremental invested capital: 119.6%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.2 pp

- Working capital / revenue, final three-year average: 25.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.29×

- FY2023: 1.24×

- FY2024: 1.30×

- FY2025: 1.32×

- FY2026: 0.60×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 30.7% vs 34.5%

- Per-share earnings: 1.92 to 7.01 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: SEK 76B

- Cumulative retained earnings: SEK 5.8B

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 17.6%

- Per-share value change: SEK 5.09

- Per-share value, starting three-year median: SEK 1.92

- Per-share value, ending three-year median: SEK 7.01

- Buybacks concentrated in cheaper years (correlation): 0.64

- Average buyback yield: 0.2%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 8.9B

- Cumulative net income, 10 years: SEK 11B

- ROIC, first three-year median: 30.7%

- ROIC, last three-year median: 34.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: SEK 1.62

- FY2018: SEK 1.92

- FY2019: SEK 2.46

- FY2020: SEK 3.20

- FY2021: SEK 2.62

- FY2022: SEK 3.98

- FY2023: SEK 5.54

- FY2024: SEK 6.05

- FY2025: SEK 7.01

- FY2026: SEK 7.95

### accounting: pass

- Sloan accruals: -4.0%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.40×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.33×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.5%

- FY2018: -0.5%

- FY2019: 1.9%

- FY2020: -3.0%

- FY2021: -8.1%

- FY2022: -0.4%

- FY2023: -2.7%

- FY2024: -5.7%

- FY2025: -4.4%

- FY2026: -4.0%

## Holders

## Price story

Price needs cash profits to grow 15% a year for ten years · sales +4.2%

Story as of 2026-10-16T10:00:06.952Z; price observation 2026-10-15.

Price needs cash profits to grow 15% a year for ten years

### Sales · FY2025–2026

sales +4.2%; source https://filings.xbrl.org/549300QZ5U2IDRHPWL60/2024-03-31/ESEF/SE/0/549300QZ5U2IDRHPWL60-2024-03-31-sv/reports/549300QZ5U2IDRHPWL60-2024-03-31-sv.xhtml; observed 2025-05-08.

- FY2017: SEK 7.2B 

- FY2018: SEK 8.0B 

- FY2019: SEK 10B 

- FY2020: SEK 12B 

- FY2021: SEK 11B 

- FY2022: SEK 14B 

- FY2023: SEK 19B 

- FY2024: SEK 20B 

- FY2025: SEK 22B 

- FY2026: SEK 23B 

### Gross margin · FY2026

gross margin 33.3%; source https://filings.xbrl.org/549300QZ5U2IDRHPWL60/2024-03-31/ESEF/SE/0/549300QZ5U2IDRHPWL60-2024-03-31-sv/reports/549300QZ5U2IDRHPWL60-2024-03-31-sv.xhtml; observed 2025-05-08.

- FY2017: 31.2% 

- FY2018: 31.2% 

- FY2019: 30.8% 

- FY2020: 31.1% 

- FY2021: 30.6% 

- FY2022: 30.8% 

- FY2023: 30.0% 

- FY2024: 31.7% 

- FY2025: 32.1% 

- FY2026: 33.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in industrial distribution; annual sales are SEK 22.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2026: revenue 22703000000; grossProfit 7560000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ADDT-B.ST: 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 systems, and technical systems for buildings; and overhead line and substation materials for grid construction, railway related electrical infrastructure, control equipment, switchgear, and associated components for delivering electricity to industry, data centers, hospitals and defense. In addition, it is involved in the production and sale of solutions for measuring, controlling, cleaning, and streamlining industrial flows; and provision of components, products, and complete solutions that protect people, property, and critical societal systems. Addtech AB (publ.) was founded in 1906 and is headquartered in Stockholm, Sweden.

### Why customers stay

Margins ranged from 31.7% to 33.3% during 2024–26; it earns 31% on its capital.

- Source: https://filings.xbrl.org/549300QZ5U2IDRHPWL60/2024-03-31/ESEF/SE/0/549300QZ5U2IDRHPWL60-2024-03-31-sv/reports/549300QZ5U2IDRHPWL60-2024-03-31-sv.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 31.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 32.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2026: grossProfit / revenue = 33.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2017,0.33449014250904524],[2018,0.3070183765060492],[2019,0.2926157026375225],[2020,0.2801596010802235],[2021,0.23387743980173417],[2022,0.26761319415758084],[2023,0.3125344435710129],[2024,0.3305599235477148],[2025,0.34760901735711913],[2026,0.34485437290714926]]; median 0.30977641003853107. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 31% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/549300QZ5U2IDRHPWL60/2024-03-31/ESEF/SE/0/549300QZ5U2IDRHPWL60-2024-03-31-sv/reports/549300QZ5U2IDRHPWL60-2024-03-31-sv.xhtml (filed 2025-05-08); Gross margin observations: [[2021,0.30636908962597037],[2022,0.3078073799686565],[2023,0.300470236186812]]; range within 2 percentage points.

### Where the cash goes

Spends 4.9% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 0; upkeep 68000000; owner earnings 523000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 0; upkeep 51000000; owner earnings 643000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2019: growth capex 0; upkeep 93000000; owner earnings 793000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2020: growth capex 0; upkeep 105000000; owner earnings 1049600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2021: growth capex 0; upkeep 91000000; owner earnings 991800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2022: growth capex 0; upkeep 126000000; owner earnings 1388000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: growth capex 0; upkeep 197000000; owner earnings 1859000000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/549300QZ5U2IDRHPWL60/2024-03-31/ESEF/SE/0/549300QZ5U2IDRHPWL60-2024-03-31-sv/reports/549300QZ5U2IDRHPWL60-2024-03-31-sv.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 189000000; owner earnings 2122400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: growth capex 0; upkeep 171000000; owner earnings 2500400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2026: growth capex 62599562.64502072; upkeep 1693400437.3549793; owner earnings 1278999562.6450207. Growth capex / owner earnings = 0.04894416266692257.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Incremental return on capital 1.1956831282166422, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2017,218000000],[2018,235000000],[2019,269000000],[2020,336000000],[2021,269000000],[2022,323000000],[2023,485000000],[2024,674000000],[2025,755000000],[2026,864000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2026: cash repurchases 29000000 SEK.

### Are managers owners

Insiders own 2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ADDT-B.ST SharesStats.PercentInsiders = 1.952 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 15% yearly over ten years; actual decline was 4.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.2748799464121444. Price 330; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 7.601997211101615 → FY2026 4.737474072210467. Closing-price date 2026-10-15.

## Monthly share-price history (SEK per share)

- 2016-10: SEK 32.13 per share

- 2016-11: SEK 32.13 per share

- 2016-12: SEK 35.63 per share

- 2017-01: SEK 37.75 per share

- 2017-02: SEK 37.13 per share

- 2017-03: SEK 37.13 per share

- 2017-04: SEK 39.88 per share

- 2017-05: SEK 39.50 per share

- 2017-06: SEK 40.13 per share

- 2017-07: SEK 39.38 per share

- 2017-08: SEK 38.88 per share

- 2017-09: SEK 40.88 per share

- 2017-10: SEK 46.38 per share

- 2017-11: SEK 45.50 per share

- 2017-12: SEK 44.88 per share

- 2018-01: SEK 48.60 per share

- 2018-02: SEK 43.80 per share

- 2018-03: SEK 42.00 per share

- 2018-04: SEK 45.65 per share

- 2018-05: SEK 47.85 per share

- 2018-06: SEK 49.55 per share

- 2018-07: SEK 49.80 per share

- 2018-08: SEK 50.25 per share

- 2018-09: SEK 47.40 per share

- 2018-10: SEK 46.75 per share

- 2018-11: SEK 45.40 per share

- 2018-12: SEK 39.55 per share

- 2019-01: SEK 44.55 per share

- 2019-02: SEK 49.85 per share

- 2019-03: SEK 48.25 per share

- 2019-04: SEK 57.88 per share

- 2019-05: SEK 63.38 per share

- 2019-06: SEK 70.50 per share

- 2019-07: SEK 63.25 per share

- 2019-08: SEK 66.88 per share

- 2019-09: SEK 64.00 per share

- 2019-10: SEK 67.13 per share

- 2019-11: SEK 66.63 per share

- 2019-12: SEK 75.75 per share

- 2020-01: SEK 73.88 per share

- 2020-02: SEK 69.50 per share

- 2020-03: SEK 61.13 per share

- 2020-04: SEK 66.80 per share

- 2020-05: SEK 86.65 per share

- 2020-06: SEK 93.60 per share

- 2020-07: SEK 102.15 per share

- 2020-08: SEK 112.00 per share

- 2020-09: SEK 117.60 per share

- 2020-10: SEK 98.50 per share

- 2020-11: SEK 108.00 per share

- 2020-12: SEK 109.00 per share

- 2021-01: SEK 111.00 per share

- 2021-02: SEK 123.00 per share

- 2021-03: SEK 130.00 per share

- 2021-04: SEK 148.00 per share

- 2021-05: SEK 138.00 per share

- 2021-06: SEK 142.00 per share

- 2021-07: SEK 179.00 per share

- 2021-08: SEK 181.00 per share

- 2021-09: SEK 156.00 per share

- 2021-10: SEK 192.00 per share

- 2021-11: SEK 206.00 per share

- 2021-12: SEK 216.00 per share

- 2022-01: SEK 170.00 per share

- 2022-02: SEK 157.00 per share

- 2022-03: SEK 182.00 per share

- 2022-04: SEK 175.50 per share

- 2022-05: SEK 164.90 per share

- 2022-06: SEK 133.40 per share

- 2022-07: SEK 173.00 per share

- 2022-08: SEK 150.10 per share

- 2022-09: SEK 147.40 per share

- 2022-10: SEK 133.60 per share

- 2022-11: SEK 153.90 per share

- 2022-12: SEK 148.70 per share

- 2023-01: SEK 166.40 per share

- 2023-02: SEK 188.00 per share

- 2023-03: SEK 192.30 per share

- 2023-04: SEK 205.00 per share

- 2023-05: SEK 222.40 per share

- 2023-06: SEK 234.80 per share

- 2023-07: SEK 196.20 per share

- 2023-08: SEK 185.40 per share

- 2023-09: SEK 175.20 per share

- 2023-10: SEK 163.40 per share

- 2023-11: SEK 195.10 per share

- 2023-12: SEK 221.40 per share

- 2024-01: SEK 216.40 per share

- 2024-02: SEK 229.00 per share

- 2024-03: SEK 243.80 per share

- 2024-04: SEK 232.80 per share

- 2024-05: SEK 248.00 per share

- 2024-06: SEK 263.40 per share

- 2024-07: SEK 345.00 per share

- 2024-08: SEK 324.80 per share

- 2024-09: SEK 304.20 per share

- 2024-10: SEK 295.40 per share

- 2024-11: SEK 300.00 per share

- 2024-12: SEK 301.20 per share

- 2025-01: SEK 324.40 per share

- 2025-02: SEK 323.60 per share

- 2025-03: SEK 292.80 per share

- 2025-04: SEK 324.60 per share

- 2025-05: SEK 329.40 per share

- 2025-06: SEK 322.00 per share

- 2025-07: SEK 330.00 per share

- 2025-08: SEK 331.60 per share

- 2025-09: SEK 305.20 per share

- 2025-10: SEK 322.00 per share

- 2025-11: SEK 324.40 per share

- 2025-12: SEK 327.40 per share

- 2026-01: SEK 290.80 per share

- 2026-02: SEK 334.60 per share

- 2026-03: SEK 317.60 per share

- 2026-04: SEK 333.40 per share

- 2026-05: SEK 329.40 per share

- 2026-06: SEK 341.40 per share

- 2026-07: SEK 346.60 per share

- 2026-08: SEK 338.20 per share

- 2026-09: SEK 341.60 per share

- 2026-10: SEK 322.00 per share

## Annual estimated value (SEK per share)

- FY2017: low SEK 25.00 per share, central SEK 33.64 per share, high SEK 39.40 per share

- FY2018: low SEK 29.33 per share, central SEK 39.40 per share, high SEK 46.14 per share

- FY2019: low SEK 41.42 per share, central SEK 57.69 per share, high SEK 67.64 per share

- FY2020: low SEK 51.22 per share, central SEK 74.50 per share, high SEK 87.49 per share

- FY2021: low SEK 49.68 per share, central SEK 72.15 per share, high SEK 84.68 per share

- FY2022: low SEK 66.75 per share, central SEK 97.11 per share, high SEK 114.04 per share

- FY2023: low SEK 90.99 per share, central SEK 132.34 per share, high SEK 155.40 per share

- FY2024: low SEK 107.99 per share, central SEK 156.85 per share, high SEK 184.11 per share

- FY2025: low SEK 119.19 per share, central SEK 172.63 per share, high SEK 202.43 per share

- FY2026: low SEK 102.77 per share, central SEK 121.15 per share, high SEK 140.56 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:52.886Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300QZ5U2IDRHPWL60/2024-03-31/ESEF/SE/0/549300QZ5U2IDRHPWL60-2024-03-31-sv/reports/549300QZ5U2IDRHPWL60-2024-03-31-sv.xhtml); period 2024-03-31, filed 2025-05-08.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations