Redeye: Addnode Group - International expansion pays off

PLM and especially Design Management continues to deliver solid organic growth rates. In this quarter, Design and PLM grew organically by 28% and 11%. According to management, the divisions benefit from Addnode’s and Dassault Systemes increased global presence and its wide product offering. Thus, combined with solid organic growth, Addnode has likely started to obtain synergies regarding revenue from its acquisitions in the international divisions. We increase our Base case to SEK 102 from SEK 99.

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