Consolidating 6X International SpA, a former partner and well-known company to Alcadon Group, into our forecasts, we raise our EPS estimates by an average of 30% in 2021-22.

This includes the new issue shares as part of the payments. Importantly, we forecast an average ROCE in 6X of 19.5% in 2021-23 making the acquisition clearly value accretive compared to our WACC of 7.6%.

We raise our mid-point DCF-based equity value to SEK 50 per share.

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