Alcadon Group, a distributor of network equipment in the premium segment of the market, reported Q2 sales about 2% ahead of our estimates, implying organic growth of 17% y/y (SEBE: 12%). Earnings were in line with our forecasts across the P&L (small deviations in absolute terms). While frame agreement deliveries have commenced in Germany, there is a delay and we may shift some H2 sales estimates into 2023. Our mid-point DCF of SEK 100 is under review.
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