Idea note
This is an Idea note; It’s a collection of early signals – companies mentioned in fund letters, blogs, or by sharp investors online. Not a full pitch, just a starting point for ideas that might be worth a more in-depth look.
Strong Recovery Post-Q1 with Value-Creating Acquisitions
Idea source: Carnegie Micro Cap
Price 115.6 SEK (2025-07-24)
Addnode Group AB (ANODB) - A Swedish software and services company operating through three divisions: Design Management, Product Lifecycle Management, and Process Management.
Ticker: ANODB | Timeframe: 12-18 months | 📈 Bullish
Carnegie Micro Cap believes that Addnode Group has successfully recovered from the sharp decline following its Q1 2025 report, with the weak sales performance having natural explanations. The fund sees the recent acquisitions as value-creating, especially benefiting from the positive relationship with Autodesk, whose stock has performed well. The company’s valuation remains attractive, supported by a strong balance sheet that allows for further acquisitions.
Setup: Stock recovered from Q1 2025 lows following weak sales attributed to natural market factors
Mispricing Reason: Market overreacted to Q1 2025 results despite natural explanations for weak performance.
Timing: Recovery momentum established with multiple value-creating acquisitions completed.
Valuation: Trading at reasonable multiples with strong balance sheet for growth investments.
Upside Potential: Continued organic growth, acquisition synergies, and market position strengthening.
Risks: Construction cycle weakness, German market challenges, integration execution
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