User

Addtech AB (publ.)

ADDT-B.ST

Industrial - Distribution · Industrials

Price

kr 321.80

+3.60 (+1.13%)

Market Cap

kr 82.73B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Winston Score between 40 and 70. The stock passes some quality checks but not all.

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.

Winston Score History

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

+12.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+17.4% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.4%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$1.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Addtech AB (publ.) is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

32.3%

Modest — 32.3% gross margin

Operating Margin

12.9%

Healthy — 12.9% operating margin

ROCE

5.8%

Weak — 5.8% 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 YoY

+6.9%

Slow sales growth (6.9% YoY)

EPS YoY

+14.3%

Earnings growing (14.3% YoY)

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

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

144%

Turns 144% of profit into real cash

FCF Margin

12.8%

Converts sales into free cash efficiently (12.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.93

Moderate — manageable debt (0.93)

Interest Cover

15.46x

Comfortably covers interest (15.5x)

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

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Valuation

P/E Ratio

41.7x

Pricey — P/E 41.7

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

P/E vs Forward

+8.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (41.7 → 33.0)

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Dividends

Dividend Yield

0.99%

Small dividend — 0.99% yield

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

Dividend Growth

-27.5%

Dividend cut (-27.5% YoY) — warning sign

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