Addnode Group Valuation

Q: What is the Fair Price of 0GMG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

0GMG (SEK102.3) is trading above our estimate of [[fair value]] (SEK88.5)

Is 0GMG 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 0GMG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0GMG (SEK102.3) is trading above our estimate of fair value (SEK88.5)

Significantly Below Fair Value: 0GMG is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0GMG?

Key metric: As 0GMG is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0GMG. This is calculated by dividing 0GMG's market cap by their current earnings.
What is 0GMG's PE Ratio?
PE Ratio	35.7x
Earnings	SEK 377.00m
Market Cap	SEK 13.47b

0GMG 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	2.9x

Price to Earnings Ratio vs Peers

How does 0GMG's PE Ratio compare to its peers?

The above table shows the PE ratio for 0GMG 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	17.4x
KNOS Kainos Group	19.3x	1.5%	UK£1.0b
CCC Computacenter	13.4x	6.4%	UK£2.3b
FDM FDM Group (Holdings)	11x	-7.3%	UK£333.9m
SCT Softcat	25.9x	8.6%	UK£3.1b
0GMG Addnode Group	35.7x	12.5%	SEK 13.5b

Price-To-Earnings vs Peers: 0GMG is expensive based on its Price-To-Earnings Ratio (35.7x) compared to the peer average (17.1x).

Price to Earnings Ratio vs Industry

How does 0GMG'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: 0GMG is expensive based on its Price-To-Earnings Ratio (35.7x) compared to the European IT industry average (18.3x).

Price to Earnings Ratio vs Fair Ratio

What is 0GMG'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.

0GMG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	35.7x
Fair PE Ratio	36.1x

Price-To-Earnings vs Fair Ratio: 0GMG is good value based on its Price-To-Earnings Ratio (35.7x) compared to the estimated Fair Price-To-Earnings Ratio (36.1x).

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 0GMG 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	SEK 102.30	SEK 120.00 +17.3%	5.6%	SEK 128.00	SEK 112.00	n/a	4
Dec ’25	SEK 100.50	SEK 121.67 +21.1%	5.7%	SEK 128.00	SEK 112.00	n/a	3
Nov ’25	SEK 105.80	SEK 121.67 +15.0%	5.7%	SEK 128.00	SEK 112.00	n/a	3
Oct ’25	SEK 108.70	SEK 121.00 +11.3%	5.3%	SEK 126.00	SEK 112.00	n/a	3
Sep ’25	SEK 108.90	SEK 121.00 +11.1%	5.3%	SEK 126.00	SEK 112.00	n/a	3
Aug ’25	SEK 104.40	SEK 121.00 +15.9%	5.3%	SEK 126.00	SEK 112.00	n/a	3
Jul ’25	SEK 124.80	SEK 127.00 +1.8%	7.2%	SEK 139.00	SEK 117.00	n/a	3
Jun ’25	SEK 121.20	SEK 123.50 +1.9%	5.3%	SEK 130.00	SEK 117.00	n/a	2
May ’25	SEK 114.60	SEK 123.50 +7.8%	5.3%	SEK 130.00	SEK 117.00	n/a	2
Apr ’25	SEK 113.89	SEK 117.00 +2.7%	11.1%	SEK 130.00	SEK 104.00	n/a	2
Mar ’25	SEK 109.23	SEK 117.00 +7.1%	11.1%	SEK 130.00	SEK 104.00	n/a	2
Feb ’25	SEK 93.53	SEK 109.50 +17.1%	8.7%	SEK 119.00	SEK 100.00	n/a	2
Jan ’25	SEK 85.93	SEK 105.00 +22.2%	4.8%	SEK 110.00	SEK 100.00	SEK 103.80	2
Dec ’24	SEK 74.88	SEK 108.00 +44.2%	5.5%	SEK 114.00	SEK 100.00	SEK 100.50	3
Nov ’24	SEK 67.41	SEK 106.67 +58.2%	5.4%	SEK 114.00	SEK 100.00	SEK 105.80	3
Oct ’24	SEK 66.73	SEK 110.00 +64.8%	3.0%	SEK 114.00	SEK 106.00	SEK 108.70	3
Sep ’24	SEK 74.21	SEK 110.00 +48.2%	3.0%	SEK 114.00	SEK 106.00	SEK 108.90	3
Aug ’24	SEK 79.14	SEK 110.00 +39.0%	3.0%	SEK 114.00	SEK 106.00	SEK 104.40	3
Jul ’24	SEK 99.50	SEK 122.33 +22.9%	12.0%	SEK 143.00	SEK 110.00	SEK 124.80	3
Jun ’24	SEK 118.05	SEK 122.33 +3.6%	12.0%	SEK 143.00	SEK 110.00	SEK 121.20	3
May ’24	SEK 130.38	SEK 114.33 -12.3%	13.1%	SEK 135.00	SEK 100.00	SEK 114.60	3
Apr ’24	SEK 124.57	SEK 114.33 -8.2%	13.1%	SEK 135.00	SEK 100.00	SEK 113.89	3
Mar ’24	SEK 119.51	SEK 104.00 -13.0%	3.8%	SEK 108.00	SEK 100.00	SEK 109.23	2

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/01/06 23:17
End of Day Share Price	2025/01/03 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Addnode Group AB (publ) is covered by 8 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
null null	ABG Sundal Collier
Fredrik Nilsson	ABG Sundal Collier Sponsored
Ole-Andreas Krohn	DNB Markets