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Alcadon: Back to organic growth - SEB

Despite Q3 results being very much in line with our forecasts across the P&L, we lower our 2021-22 EBIT forecasts to reflect slightly higher sales contributions from 6X (with lower GMs) and growth initiatives (cost increases running ahead of project sales). Including announced order wins, we believe 2022 will see significant sales and earnings growth. We raise our mid-point DCF value to SEK 90 (updated peer group valuation).

Despite Q3 results being very much in line with our forecasts across the P&L, we lower our 2021-22 EBIT forecasts to reflect slightly higher sales contributions from 6X (with lower GMs) and growth initiatives (cost increases running ahead of project sales). Including announced order wins, we believe 2022 will see significant sales and earnings growth. We raise our mid-point DCF value to SEK 90 (updated peer group valuation).
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