Addnode Group Valuation

Q: What is the Fair Price of ANODBS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

ANODBS (SEK106.1) is trading above our estimate of [[fair value]] (SEK68.49)

Is ANODBS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ANODBS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ANODBS (SEK106.1) is trading above our estimate of fair value (SEK68.49)

Significantly Below Fair Value: ANODBS is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ANODBS?

Key metric: As ANODBS is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ANODBS. This is calculated by dividing ANODBS's market cap by their current earnings.
What is ANODBS's PE Ratio?
PE Ratio	35.8x
Earnings	SEK 377.00m
Market Cap	SEK 13.50b

ANODBS key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.7x
Enterprise Value/EBITDA	20.5x
PEG Ratio	2.4x

Price to Earnings Ratio vs Peers

How does ANODBS's PE Ratio compare to its peers?

The above table shows the PE ratio for ANODBS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	18.2x
KNOS Kainos Group	20x	1.7%	UK£1.0b
CCC Computacenter	13.8x	7.0%	UK£2.4b
FDM FDM Group (Holdings)	11.6x	-7.3%	UK£352.4m
SCT Softcat	27.3x	8.6%	UK£3.2b
ANODBS Addnode Group	35.8x	14.6%	SEK 13.5b

Price-To-Earnings vs Peers: ANODBS is expensive based on its Price-To-Earnings Ratio (35.8x) compared to the peer average (18.2x).

Price to Earnings Ratio vs Industry

How does ANODBS's PE Ratio compare vs other companies in the European IT Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: ANODBS is expensive based on its Price-To-Earnings Ratio (35.8x) compared to the European IT industry average (17.9x).

Price to Earnings Ratio vs Fair Ratio

What is ANODBS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ANODBS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	35.8x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate ANODBS's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ANODBS forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	n/a	SEK 121.67 0%	5.7%	SEK 128.00	SEK 112.00	n/a	3
Nov ’25	SEK 106.10	SEK 121.67 +14.7%	5.7%	SEK 128.00	SEK 112.00	n/a	3
Oct ’25	n/a	SEK 121.00 0%	5.3%	SEK 126.00	SEK 112.00	n/a	3
Sep ’25	n/a	SEK 121.00 0%	5.3%	SEK 126.00	SEK 112.00	n/a	3
Aug ’25	n/a	SEK 121.00 0%	5.3%	SEK 126.00	SEK 112.00	n/a	3
Jul ’25	n/a	SEK 127.00 0%	7.2%	SEK 139.00	SEK 117.00	n/a	3
Jun ’25	n/a	SEK 123.50 0%	5.3%	SEK 130.00	SEK 117.00	n/a	2
May ’25	n/a	SEK 123.50 0%	5.3%	SEK 130.00	SEK 117.00	n/a	2
Apr ’25	n/a	SEK 117.00 0%	11.1%	SEK 130.00	SEK 104.00	n/a	2
Mar ’25	n/a	SEK 117.00 0%	11.1%	SEK 130.00	SEK 104.00	n/a	2
Feb ’25	n/a	SEK 109.50 0%	8.7%	SEK 119.00	SEK 100.00	n/a	2
Jan ’25	n/a	SEK 105.00 0%	4.8%	SEK 110.00	SEK 100.00	n/a	2
Dec ’24	n/a	SEK 108.00 0%	5.5%	SEK 114.00	SEK 100.00	n/a	3
Nov ’24	n/a	SEK 106.67 0%	5.4%	SEK 114.00	SEK 100.00	SEK 106.10	3
Oct ’24	n/a	SEK 110.00 0%	3.0%	SEK 114.00	SEK 106.00	n/a	3
Sep ’24	n/a	SEK 110.00 0%	3.0%	SEK 114.00	SEK 106.00	n/a	3
Aug ’24	n/a	SEK 110.00 0%	3.0%	SEK 114.00	SEK 106.00	n/a	3
Jul ’24	n/a	SEK 122.33 0%	12.0%	SEK 143.00	SEK 110.00	n/a	3
Jun ’24	n/a	SEK 122.33 0%	12.0%	SEK 143.00	SEK 110.00	n/a	3
May ’24	n/a	SEK 114.33 0%	13.1%	SEK 135.00	SEK 100.00	n/a	3
Apr ’24	SEK 119.00	SEK 114.33 -3.9%	13.1%	SEK 135.00	SEK 100.00	n/a	3
Mar ’24	n/a	SEK 104.00 0%	3.8%	SEK 108.00	SEK 100.00	n/a	2

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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