Alcadon’s CMD centred on organic and M&A growth opportunities across its local markets (Scandi, Germany, Benelux and UK). Driven by data growth (30-40% p.a.), data centre growth (10-20% p.a.) and the 5G roll-out, the group targets sales of SEK 2.6bn in 2025 (c. 20% CAGR in 2023-25E). Clearly, profitable growth is key, aiming at c. 11% EBITA, as well as cash conversion. We reiterate our forecasts and our SEK 140 mid-point equity value.

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