Alcadon Group, the distributor of fibre- and copper-based network solutions, faced headwinds from muted demand in most of its markets in Q3 to report an organic sales decline of 7% y/y (SEBE: +2%). We lower our 2024-26 financial forecasts to reflect mainly lower growth ahead. Concerns include comments on intensifying competition in its German market. Based on revised earnings, we set our new mid-point value at SEK 65 (76) (range: 55-75).
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