Addnode Group AB Class B (ANOD.B) AI Stock Analysis

• Market Cap: kr12.86B
• Dividend Yield: 1.2%
• Average Volume (3M): 144.86K
• Price to Earnings (P/E): 33.1
• Beta (1Y): 0.60
• Revenue Growth: -31.59%
• EPS Growth: 0.21%
• Country: SE
• Employees: 2,710
• Sector: Technology
• Sector Strength: 88
• Industry: Information Technology Services
• EPS (TTM): 0.40
• Shares Outstanding: 132,603,970
• 10 Day Avg. Volume: 104,838
• 30 Day Avg. Volume: 144,859
• PEG Ratio: 0.77
• Price to Book (P/B): 5.63
• Price to Sales (P/S): 1.78
• P/FCF Ratio: 28.19
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: kr102.00 ▲(9.56% Upside)

The overall stock score of 55 reflects a combination of mixed financial performance, bearish technical indicators, and a high valuation. The most significant factor is the financial performance, which shows strong gross margins but declining revenue growth and cash flow challenges. Technical analysis indicates a bearish trend, and the high P/E ratio suggests limited valuation upside. These factors collectively contribute to a cautious outlook for the stock.

Positive Factors

Strong Profitability

The company's strong profitability with high gross profit and healthy EBIT and EBITDA margins indicates efficient operations and cost management, supporting long-term financial stability.

Robust Balance Sheet

A robust balance sheet with a strong return on equity and stable equity ratio suggests financial resilience, enabling the company to withstand economic fluctuations and invest in growth opportunities.

Diverse Revenue Model

A diverse revenue model with recurring income streams and strategic partnerships enhances market reach and reduces dependency on any single revenue source, providing long-term revenue stability.

Negative Factors

Negative Revenue Growth

Negative revenue growth indicates potential challenges in market demand or competitive pressures, which could impact the company's ability to sustain long-term growth and profitability.

Declining Free Cash Flow

Declining free cash flow growth suggests potential liquidity issues, limiting the company's ability to invest in growth initiatives or weather economic downturns, impacting long-term financial health.

Low Operating Cash Flow

A low operating cash flow to net income ratio indicates inefficiencies in converting income into cash, which can constrain financial flexibility and impact the company's ability to fund operations and growth.

Addnode Group AB Class B Business Overview & Revenue Model

Company Description

Addnode Group AB (publ) provides software and services for the design, construction, and product data information. It operates through Design Management, Product Lifecycle Management (PLM), and Process Management divisions. The Design Management division provides software and services for 3D design, building information modelling, and simulation to engineers and architects in construction and real estate sectors, as well as manufacturing and marine industries. This division also develops project collaboration, property management, and workplace management software. The PLM division offers software and system for developing and managing consumer and industrial products during their entire lifecycles. It serves customers in telecom, manufacturing, automotive, construction, civil engineering, pharmaceuticals, life sciences, retail, and energy production. The Process Management division provides software and services for document and case management; business planning and decision support; e-archives; digitalized citizen services; and geographic information systems to the public sector and private customers, as well as mobile services for healthcare and nursing staffs. The company was founded in 2003 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

Addnode Group generates revenue primarily through the sale of software licenses, subscription services, and consulting services related to its core products in the AEC and PLM sectors. The company has a diverse revenue model that includes recurring revenue from software subscriptions, one-time fees from software licenses, and project-based income from consulting and implementation services. Additionally, strategic partnerships with key players in the technology and construction sectors help enhance its offerings, drive customer acquisition, and expand its market reach, contributing significantly to its earnings.

Addnode Group AB Class B Financial Statement Overview

Summary

Addnode Group AB Class B demonstrates strong profitability with a gross profit margin of 69.37% and healthy EBIT and EBITDA margins. However, the negative revenue growth rate of -8.05% and significantly negative free cash flow growth of -66.24% are concerning. The balance sheet is stable, but cash flow challenges need addressing.

Income Statement

The company shows a strong gross profit margin of 69.37% in the TTM, indicating efficient cost management. However, the revenue growth rate is negative at -8.05%, which is a concern. The net profit margin is moderate at 6.74%, and EBIT and EBITDA margins are healthy at 12.33% and 18.54%, respectively. Overall, while profitability is solid, the declining revenue growth is a potential risk.

Balance Sheet

The debt-to-equity ratio is 0.78, indicating a balanced approach to leveraging. The return on equity is strong at 17.57%, showcasing effective use of equity to generate profits. The equity ratio stands at 30.30%, reflecting a stable financial structure. The balance sheet is robust, but careful monitoring of debt levels is advised.

Cash Flow

Free cash flow growth is significantly negative at -66.24%, which is concerning. The operating cash flow to net income ratio is low at 0.08, and the free cash flow to net income ratio is 0.34, indicating potential cash flow challenges. While the company generates positive cash flow, the declining free cash flow growth is a notable weakness.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	5.71B	7.76B	7.41B	6.22B	4.08B	3.81B
Gross Profit	3.45B	4.20B	511.00M	1.23B	831.00M	711.00M
EBITDA	1.13B	1.08B	724.00M	771.00M	487.00M	396.00M
Net Income	379.00M	402.00M	279.00M	382.00M	223.00M	163.00M
Balance Sheet
Total Assets	8.41B	8.58B	7.20B	6.20B	4.32B	3.82B
Cash, Cash Equivalents and Short-Term Investments	339.00M	674.00M	667.00M	600.00M	406.00M	644.00M
Total Debt	2.26B	1.73B	1.67B	1.07B	776.00M	828.00M
Total Liabilities	5.77B	6.12B	5.08B	4.19B	2.63B	2.31B
Stockholders Equity	2.64B	2.46B	2.12B	2.00B	1.69B	1.51B
Cash Flow
Free Cash Flow	98.00M	491.00M	283.00M	585.00M	329.00M	473.00M
Operating Cash Flow	380.00M	701.00M	485.00M	714.00M	437.00M	579.00M
Investing Cash Flow	-958.00M	-532.00M	-672.00M	-490.00M	-398.00M	-375.00M
Financing Cash Flow	526.00M	-211.00M	276.00M	-63.00M	-305.00M	193.00M

Addnode Group AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 93.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ANOD.B, the sentiment is Negative. The current price of 93.1 is below the 20-day moving average (MA) of 96.02, below the 50-day MA of 99.86, and below the 200-day MA of 103.83, indicating a bearish trend. The MACD of -1.57 indicates Negative momentum. The RSI at 40.60 is Neutral, neither overbought nor oversold. The STOCH value of 38.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:ANOD.B.

Addnode Group AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SOF.B	71 Outperform	kr1.16B	15.14	27.44%	6.29%	4.00%	-12.08%
EXS	68 Neutral	kr2.07B	27.13	15.90%	1.13%	10.92%	-2.56%
PACT	67 Neutral	kr3.00B	19.27	14.35%	2.13%	-4.36%	-31.55%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
KNOW	56 Neutral	kr3.25B	33.72	2.38%	2.03%	-9.85%	-38.24%
ANOD.B	55 Neutral	kr12.86B	33.07	15.34%	1.20%	-31.59%	0.21%
DUST	46 Neutral	kr2.60B	-0.56	―	―	-5.00%	-1757.14%

Addnode Group AB Class B Corporate Events

Addnode’s Technia Unit Expands German PLM Footprint with encad Customer Deal

Addnode Group’s Product Lifecycle Management division, through its subsidiary Technia, has acquired encad consulting’s Dassault Systèmes customer agreements in Germany, adding an estimated SEK 18 million in 2025 net sales and around 80 customers, primarily in the aerospace & defence, industrial equipment, and transport & mobility sectors. The deal, effective from January 2026, strengthens Technia’s foothold in the German market and neighbouring countries by expanding its Dassault Systèmes software consultancy and services footprint, bolstering the company’s global customer base to more than 6,000 and reinforcing Addnode’s positioning as a consolidator in the PLM and digitalization space.

The most recent analyst rating on ($SE:ANOD.B) stock is a Hold with a SEK102.00 price target. To see the full list of analyst forecasts on Addnode Group AB Class B stock, see the SE:ANOD.B Stock Forecast page.

Addnode Group Announces Leadership Change and Division Realignment

Addnode Group AB has announced the appointment of Jens Kollserud as the new President of the Design Management Division, effective January 1, 2026, in line with its strategy for growth and better governance. The reorganization also includes transferring the company Tribia to the Process Management Division, which is expected to enhance operational efficiency and create stronger growth platforms for the group.

The most recent analyst rating on ($SE:ANOD.B) stock is a Hold with a SEK102.00 price target. To see the full list of analyst forecasts on Addnode Group AB Class B stock, see the SE:ANOD.B Stock Forecast page.

Addnode Group Expands with Acquisition of ACAD-Plus

Addnode Group has acquired ACAD-Plus Inc., a Houston-based provider of CAD-based space management and facilities optimization software. This acquisition will enhance Addnode’s Design Management division by integrating ACAD-Plus’ flagship product, FMG-Plus, which is known for its precision and reliability in managing complex facility portfolios. The move is expected to strengthen Addnode’s market position in digital lifecycle management across the built environment, from design to maintenance, and expand its footprint in the higher education and public sectors.

The most recent analyst rating on ($SE:ANOD.B) stock is a Hold with a SEK102.00 price target. To see the full list of analyst forecasts on Addnode Group AB Class B stock, see the SE:ANOD.B Stock Forecast page.

Addnode Group Announces New Nomination Committee

Addnode Group AB has announced the appointment of its Nomination Committee following the decision made at the Annual General Meeting on May 7, 2025. The committee, which includes representatives from major stakeholders, will remain in place until the next AGM in 2026. This move is part of Addnode Group’s governance process, ensuring stakeholder representation and continuity in leadership as the company continues its growth and expansion in the digitalization sector.

The most recent analyst rating on ($SE:ANOD.B) stock is a Hold with a SEK113.00 price target. To see the full list of analyst forecasts on Addnode Group AB Class B stock, see the SE:ANOD.B Stock Forecast page.

Addnode Group Completes Acquisition of Solidcad, Expands Presence in North America

Addnode Group has completed the acquisition of Solidcad, a market leader in digital solutions for Canada’s design, construction, and manufacturing industries. This acquisition, which will be consolidated under Addnode’s Division Design Management, is expected to positively impact the company’s earnings per share. Solidcad, an Autodesk Platinum Partner, is projected to achieve net sales of SEK 280 million in 2025, with an EBITA of SEK 120 million, enhancing Addnode Group’s market presence in North and Latin America.

The most recent analyst rating on ($SE:ANOD.B) stock is a Hold with a SEK113.00 price target. To see the full list of analyst forecasts on Addnode Group AB Class B stock, see the SE:ANOD.B Stock Forecast page.

Addnode Group Reports Q3 2025 Results Amid Strategic Acquisitions and AI Investments

Addnode Group AB reported a 29% decrease in net sales for the third quarter of 2025, impacted by currency effects and restructuring costs. Despite this, the company maintained a stable market position, with significant acquisition activity, including the purchase of Solidcad in Canada and X10D Solutions in Sweden, which are expected to bolster its global footprint and profitability. The company is also investing in AI and product development, aiming to double its EBITA within five years, reflecting a strategic focus on growth and efficiency improvements.

The most recent analyst rating on ($SE:ANOD.B) stock is a Hold with a SEK113.00 price target. To see the full list of analyst forecasts on Addnode Group AB Class B stock, see the SE:ANOD.B Stock Forecast page.

Addnode Group Expands Credit Facility to Bolster Growth

Addnode Group has extended its credit facility by SEK 1,100 million, bringing the total to SEK 3,700 million, with Nordea, SEB, and AB Svensk Exportkredit. This extension, which includes more favorable interest terms, will support the company’s strategy and financial targets, enhancing its capacity to manage, acquire, and develop digital solutions businesses. This move is expected to strengthen Addnode Group’s market position and operational capabilities, aligning with global trends in digitalization and sustainability.

The most recent analyst rating on ($SE:ANOD.B) stock is a Hold with a SEK113.00 price target. To see the full list of analyst forecasts on Addnode Group AB Class B stock, see the SE:ANOD.B Stock Forecast page.