ANOD B

Addnode Group

Research update

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Addnode Group: Ending 2017 with impressive margins

Addnode reported a strong Q4 and the most impressive takeaway from the report was the profitability. We have not changed our Base case or Bear Case, but we have increased our Bull case. Hence, we estimate a fair value range between SEK 48-105 (97) per share with a Base case at SEK 78 per share.

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