Addtech AB (publ.)

“Addtech is a structurally superior, decentralized serial acquirer with a proven two-decade track record, genuine multi-layered moat, and a multi-decade reinvestment runway in fragmented European niche B2B distribution — but at 29x EV/EBITA and 42.7x trailing earnings, the current price embeds most of the next decade of compounding, leaving a base-case return of roughly 5% per annum with no margin of safety; the right posture is disciplined patience for a meaningful valuation dislocation before initiating or adding.”