Rankings Machinery & automation Addtech

Addtech

Machinery & automation · SwedenRank 137 of 829Prices 3 Nov 2026Model 1.470+ zone

15070100

In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.

Biggest deductions

Multiples vs own history and peers−6
Quality of growth (organic)−4
FCF yield−3

Strengths

Pricing power+2
Broad customer base+1

How the score is built

From 100 to 79, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

79Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 312.20 SEK
Median analyst target: 380.00 SEK
Upside to median: +21.7%
Analysts: 7
Target range: 340.00 – 417.00 SEK
52-week change: −3%
P/E (trailing): 36.5
Forward P/E: 30.9
PEG: 2.10

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 2 findings−6 of −30

Quality of growth (organic)
Revenue grew only 4.2% in FY2025/26 (SEK 21.8bn to 22.7bn) despite acquisitions of SEK 1.6bn, and organic growth was only marginally positive in Q1 2026/27 (total growth 6%). Medical Technology (1,501m to 1,374m), Mechanical Industry (2,604m to 2,425m) and Electronics fell in FY2025/26 – EPS growth comes mainly from acquisitions and margin.
mb.cision.com
−4
ROIC after goodwill
ROIC (incl. goodwill) has fallen from 18.7% in FY2023–24 to 16.8% TTM; goodwill and intangibles have grown from SEK 5.3bn to 10.5bn since FY2022. The marginal return is still high, though: EBIT +1.66bn on +5.2bn of intangibles (about 32% pre-tax), and ROIC is clearly above a WACC of 9.9%.
stockanalysis.com
−2

Price

Today's multiples against the company's own history and its peers. · 2 findings−9 of −35

Multiples vs own history and peers
P/E 41.4 (TTM) vs 34.7–45.7 in FY2022–26 and forward P/E 35.3 vs 34.9–43.4; EV/EBITDA 23.6 vs 21.9–28.5 and P/FCF 30.9 vs 27.1–47.8. In the lower half of its own history, but among the most expensive industrial stocks in the Nordics (Atlas Copco forward about 29) for a group with almost zero organic growth.
stockanalysis.com
−6
FCF yield
FCF yield 3.2% (FCF of SEK 2.98bn on a market value of 92bn), earnings yield 2.4% and dividend yield 1.0%; analysts expect FCF of only 2.82bn in FY2026/27.
stockanalysis.com
−3

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−3 of −35

Acquisition dependence and goodwill
Goodwill and intangibles (SEK 10.5bn) exceed equity (9.2bn), and acquisitions of about 1.6bn a year swallow over half of FCF; a slowdown in the acquisition pace or higher prices for targets would hit growth directly.
stockanalysis.com
−2
Macro and geopolitics
CEO Niklas Stenberg himself points to uncertain global conditions and geopolitical unrest; a large part of sales goes to manufacturing, where demand is cyclical.
efn.se
−1

Plus

Only documented strengths. · 2 findings+3 of +15

Pricing power
A record EBITA margin of 16.6% in Q1 2026/27 (15.8%), and the gross margin has risen from 30.8% in FY2022 to 33.3% in FY2026 – the margin is rising despite weak organic growth.
stockanalysis.com
+2
Broad customer base
Over 150 independent trading companies in many niches (electrical infrastructure, electrification, defence, process, safety) with no customer concentration.
swedbank-aktiellt.se
+1

Caveats

What the score does not capture, or where the data is weak.

Serial acquirer (technical trading, 150+ subsidiaries); 'Machinery & automation' is the closest industry – in reality industrial technical trading/distribution. Split fiscal year (April–March), so FY2026 = April 2025–March 2026. stockanalysis' ROIC includes goodwill; Addtech's own measure (return on working capital, P/WC) excludes goodwill and therefore looks much higher. Acquisition multiples are not disclosed per deal and have not been examined; the marginal return is calculated as EBIT growth over growth in intangible assets. The insider trades in September 2026 are purchases of warrants in the incentive programme, not open-market share purchases, and give no plus. Only 7 analysts; next report 22 October 2026.