Ahead of Alcadon Group's Q1 results (due 23 April at 08.00 CET), we cut our organic sales assumptions to reflect likely continuing lack of project starts in the commercial real estate segment, due to the pandemic situation. We have raised our gross margin forecasts (mainly bought-in margins) and in all we upgrade EPS by an average of 3% in 2021-23. Our midpoint DCF equity value remains SEK 50 per share, implying a prospective total return of 37% from current valuation levels.

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