Redeye: Addnode Group - Organic growth and increasing margins

We increase our forecast for 2019 with 4% and 3% for sales and EBITA. The raise is mainly due to Addnode’s three acquisitions since our last update. Organically, we have increased our expectations on Design Management while they are lowered regarding Process Management. We increase our Bear and Base case to SEK 59 (55) and SEK 99 (88), mainly due to a lower WACC. Our Bull is now using the same organic growth as our Base case while we have added 10% in acquired annual revenue growth 2021-2027. We increase our Bull case to SEK 161 (121).

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