Consolidating Alcadon Group’s acquisition of UK’s Network Centre Holding (NWC), we raise our sales and EPS forecasts by c. 40% and 17%, respectively, for both 2023 and 2024. We argue that this acquisition is value-accretive (ROIC-WACC) and that NWC offers Alcadon exposure to an under-penetrated fibre broadband market, implying high growth prospects over our forecast period. We raise our mid-point DCF value from SEK 100 to SEK 140.
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