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Alcadon Group
Alcadon Q3E: Significant organic growth on the cards - SEB (R) (SEB Research)

2021-10-15 07:55

(Rättelsen avser bolagsnamnet. Bortse från föregående utskick med samma rubrik.)

Ahead of Q3 results (due: 22 October at 08.00 CET), we reiterate our financial forecasts. We lift our mid-point valuation from SEK 77 to SEK 88 on raised longer-term growth assumptions. Based on earlier order announcements, we look for 18% y/y organic growth in Q3. Including M&A (6X Int.), we forecast sales growth of 99% y/y, to SEK 189m, and EBIT of SEK 17m (9.2% margin). At 13x EV/EBIT, Alcadon offers interesting exposure to the pending roll out of 5G, we argue.

This research has been commissioned by Alcadon Group. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.

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