Addnode Q1’20: Exceptional performance in Design

Research Note

2020-04-24

09:16

Redeye will likely increase its sales and EBITA forecasts somewhat for Addnode, given the exceptional performance in Design Management. Total growth (95%), organic growth (24%), and the margin level (10.5%) all suggest that the integration of Exitech is doing very well so far. On the group level, sales and EBITA were 20% above our forecast. Process came in as anticipated, while PLM halved its EBITA, suffering from a weak Germany. As expected, management forecasts a negative impact from the Corona crisis in Design and PLM.

FN

Fredrik Nilsson

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