companyName

extensiveId

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

includeResearchContent

researchId

snapshotDate

CompanyName_Query

companySlug

CompanyMetaData

Company_query

company

query CompanyName_Query(
  $companyName: String!
  $extensiveId: ID
  $snapshotDate: String
  $researchId: ID
  $includeResearchContent: Boolean!
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...Company_query_1TiJKa
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveExists
    researchContentExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    defaultInstrument {
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      totalShares
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Company_query_1TiJKa on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_3u4Ry5
  ...ResearchContent_query_14bL89
}

fragment Extensive_query_3u4Ry5 on Query {
  company(companySlug: $companyName) {
    extensive(extensiveId: $extensiveId, snapshotDate: $snapshotDate) {
      publishedAt
      pageUrl
      pdfUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        companies {
          name
          id
        }
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ResearchContent_query_14bL89 on Query {
  company(companySlug: $companyName) {
    slug
    researchContentFeed @include(if: $includeResearchContent) {
      __typename
      id
      ...Teaser_content
    }
    researchContentIds @include(if: $includeResearchContent)
    researchContent(researchId: $researchId) @include(if: $includeResearchContent) {
      researchId
      researchTitle
      publishedAt
      pageUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasDividendHistory

sector

regions

extensiveExists

researchContentExists

topOwners

insiderTransactions

isPayingCustomerOf

isFormerCustomerOf

extensive

slug

feedContent

ADDvise Group

Delårsrapport 2026, 1 januari – 31 mars

Interim report 2026, January 1–March 31

ADDvise Group publicerar årsredovisning och hållbarhetsrapport för 2025

ADDvise Group publishes annual report and sustainability report for 2025

Beslut vid extra bolagsstämma i ADDvise Group AB (publ)

Resolutions at the extraordinary general meeting in ADDvise Group AB (publ)

Bokslutskommuniké 2025, 1 januari – 31 december

Year-end report 2025, January 1–December 31

Avnotering av aktierna och teckningsoptionerna i ADDvise från Nasdaq First North

Delisting of the shares and warrants in ADDvise from Nasdaq First North

ADDvise har ansökt om avnotering av sina aktier och teckningsoptioner från Nasdaq First North

ADDvise has applied for delisting of its shares and warrants from Nasdaq First North

Kallelse till extra bolagsstämma i ADDvise Group AB (publ)

Notice of extraordinary general meeting in ADDvise Group AB (publ)

ADDvise tillkännager finansiell uppdatering för 2025

ADDvise announces financial update for 2025

ADDvise erhåller godkännande från obligationsinnehavarna i det skriftliga förfarandet avseende dess utestående obligationer 2025/2028

ADDvise receives the bondholders’ approval in the written procedure under its outstanding bonds 2025/2028

Uttalande från den oberoende budkommittén i ADDvise med anledning av det offentliga uppköpserbjudandet från Amplex

Statement from the independent bid committee of ADDvise in relation to the public offer from Amplex

ADDvise initierar ett skriftligt förfarande avseende dess utestående obligationer 2025/2028 med anledning av uppköpserbjudandet från Amplex

ADDvise initiates a written procedure under its outstanding bonds 2025/2028 in light of the public offer from Amplex

Amplex har höjt vederlaget i det offentliga uppköpserbjudandet till aktieägarna och teckningsoptionsinnehavarna i ADDVise

Amplex has increased the consideration in the public offer to the shareholders and warrant holders of ADDVise

ADDvise styrelse utvärderar det offentliga uppköpserbjudandet från Amplex

My simple Addvise investment theses are:   The company’s new management has assured that cash flow and EBITA% are the top priorities.   New acquisitions will be made disciplinedly, and Addvise’s debt situation will be carefully considered.   The full exercise of warrants related to the rights issue would bring the company an additional 114-172 MSEK in Q1/2026 (dilution is 14.3%). After this, there should be NO further need for new directed issues or rights issues.   Thanks to point 3) and improved cash flow, the net debt/EBITDA ratio will have fallen below 3.0 by the end of Q1/26. This is the company’s target level.   The additional purchase prices for previous oversized acquisitions will have been almost entirely paid by the end of 2026. The cash flow profile will significantly improve as a result.   Good comparables for Addvise can be found on the Swedish stock exchange: Addlife and Asker. Addvise’s key figures are favorable compared to them, and Addvise is valued at lower multiples. The reasons lie in Addvise’s history and are self-inflicted. However, the management has now been changed, and the main owners include Life Science experts. Many of them have significant shareholdings in Addvise.   With the spring refinancing, interest expenses/year are approximately 75 MSEK. The adjusted 12-month (LTM) P/E ratio is approximately 7. The EBITA margin is approximately 17%, meaning approximately 270 MSEK EBITA (non-IFRS). If, thanks to the new management, confidence in the company returns and Addvise proceeds according to plan, then the multiples could rise closer to its comparables. In this case, Addvise will be a multi-bagger in the coming years. The CEO summarized in the Q3 webcast that future acquisitions will be made thoughtfully: “No rush; it must be the right fit.” If it turns out that this principle is deviated from, I will be the first to sell my shares.

Let’s try to revive the thread. Half a year has passed since the rights issue, and on October 23rd, the first so-called “clean” quarter was published, which did not include costs related to the rights issue, nor one-time costs from subsequently restructured loans. The Q3 report and webcast reveal that organic growth is still challenging. The company is now emphasizing disciplined cost management, increasing EBITA%, and business cash flow. The net debt/EBITDA ratio of 3.2 was still above the company’s target of <3.0. A smaller loan portfolio, decreased interest rates, and profitability enhancement measures are now nicely reflected in the bottom line and cash flow. EPS was SEK 0.09 (0.05) and operating cash flow was clearly positive at SEK 35 MSEK (-2.3 MSEK). The CEO emphasizes that the focus is now on capital allocation discipline, which is at least desirable after all the past (in my opinion, reckless) years. July–September 2025 Net revenue was SEK 363.2 million (403.6), an organic decrease of 10.0%, an organic decrease of 4.8% net of currency effects Orders received was SEK 349.2 million (421.8), an organic decrease of 17.2%, a decrease of 12.1% net of currency effects EBITA was SEK 56.4 million (55.4), an increase of 1.8% Operating profit (EBIT) was SEK 44.8 million (66.4) Profit for the period was SEK 56.0 million (11.8) and adjusted profit for the period was SEK 19.0 million (-5.4). Basic earnings per share amounted to SEK 0.09 (0.05) Operating cash flow was SEK 35.3 million (-2.3), an increase of 1,629.1%                   ADDvise Group              Interim report 2025, January 1–September 30 - ADDvise Group    Strengthened profitability and cash flow despite a quarter with macro headwinds. In the third quarter, organic sales decreased by 4.8% in constant currency, but the year-to-date growth remains positive. The work on operational efficiency is having an...

I don’t have full insight into the company, other than hearing them mentioned a bit here at the Inderes office and they conduct their presentations with us. But after reviewing Q3, it feels like they are in a situation that many Swedish companies are in right now. Macroeconomic headwinds are mentioned as a factor for decreased organic revenue, and there is a full focus on operational efficiency impacting profitability. EBITA increased by 1.8% in Q3, and that in itself might not say much, but doing so while revenue decreased and order intake looks bleak might say more. However, this is likely the beginning of a journey for ADDvise, and they need to show more strength in their structure. What do you think?

The company has certainly had quite a fiasco throughout 2024, and this offering was the cherry on top. Management has changed and been dismissed, among other things. In any case, this is cheap. The industry is interesting and relatively recession-proof, and management has even succeeded in their previous quarterly earnings calls in pinpointing the start of organic growth to “late Q4/24”, which seems to have materialized. I already have significant losses from this in my portfolio, so I’m a bit hesitant to pour more money into this, even though the situation is clearly improving. Still, this is indeed an attractive situation with the market cap, low multiples, and M&A (if successful), meaning theoretically years of growth. 10-bagger potential?

In my opinion, this summarizes well why the company’s stock price has plummeted. EBITA%, ROCE% and cash conversion have decreased quarter after quarter, and revenue growth has been solely inorganic. Additionally, reflecting on this, the company was run with an excessively high debt level, which led to a share issue made at a dismal valuation.   The share issue raised 457 MSEK (with warrants potentially raising an additional 172 MSEK in a year), in which insiders also participated, and in recent months they have also bought shares from the stock exchange. Net debt at year-end was approximately 1,435 MSEK, so the issue itself improves the net debt to 12M EBITDA ratio (3.8X at year-end).   Management itself has explained the weak FY24, mainly by an excessively good FY23. Without taking a stand on how various tariffs might affect Addvise Group, I believe the current valuation includes a fair margin of safety.  Based on Quart’s data, Market cap is 233 MSEK and EV 1.7 BSEK; if the consensus estimate of two analysts materializes, EV/EBITDA is 3.9X based on FY25 figures (13.3% EBITDA growth). If EBITDA remains the same as FY24, the multiple would be ~4.5X.  Have others been following the company’s activities recently or bought shares?

The company has certainly had a wild ride on the stock market, having already dropped 90% since last January, and today a new financing solution was announced, in which old owners who did not participate in the offering will be wiped out. The number of shares before the arrangement was 191M, and it can increase to almost 500M shares. Debt at the end of Q3 was a staggering 1800MSEK, and net debt was 1400MSEK. The company will receive 457MSEK from the rights issue and a maximum of 172MSEK from warrants. If the company uses all the funds received from the offering to repay debts, then the target of D/EBITDA being max 3 will just barely be met. A 2000MSEK bond matures in a year, and it would hardly have been possible to get a 5.5% margin on it in the current situation. EV/EBITDA will remain at some level of 5 after the arrangement, but with a significantly lighter debt load. Would this be a good point to start with a clean slate?

ADDvise Group              ADDvise Group                              ”Rikard Akhtarzand comments: “The divestment is solely made for private financial reasons, and I do not intend to sell additional shares and have therefore agreed to enter a lock-up agreement of 180 days on my remaining shares to emphasize this. The proceeds from the share sale will be used to finance costs related to a divorce. I have great faith in the future of ADDvise Group and I look forward to continuing to lead the company going forward.”

Kenneth Lindqvist, privat och genom bolag

Per Åhlgren genom bolag