Redeye: Addnode Group - Germany weakens PLM, rebound in Process Management

We lower our 2020 EBITA forecast by ~3% on the group level, mainly as we reduce our estimate for PLM, as the weakness in Germany seems to hit harder than before. However, we expect approximately zero organic growth in 2020, which is much better than the -10% seen in this quarter. Process Management beat our forecast with 7% regarding EBITA, and we believe the outlook for both the market and Addnode’s internal efficiency is positive for 2020. We keep our Base case at SEK 180.

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