In this edition of ValueTeddy’s Write-ups we are examining a Swedish industrial high-quality business, trading at single digit multiples. Business AQ Group is a Swedish manufacturing company that was founded in 1994 and listed on the Stockholm exchange 2001. Their business is divided into two segments: Systems, and Components. Systems include the business divisions Electric Cabinets, and System products. The Components segment is made up by the following business units: Precision stamping and injection moulding, Inductive components, Wiring Systems, Sheet metal processing, and finally, Special Technologies and Engineering.
AQ Group (AQ)
Where do you get net cash of 2b? Isn't interest bearing liab - cash = 265m of net debt, which would make EV much higher?