Addnode Q3’19: Solid organic growth – EBITA as expected
Sales came in 7% above forecast, mainly due to solid organic growth in Design Management. However, the EBITA of SEK 71m was in line with forecast, as the margin in both Design and PLM was below our forecast. In total, Addnode delivers another stable quarter. In general, management has a positive view on the market, except for Germany.
We will likely keep our forecast and Base case largely unchanged.