Alcadon Group delivered a strong Q3 OCF driven by better-than-expected operating earnings and WC management. From a market perspective, we believe this is key: leaving Q3, non-IFRS 16 net debt-to-adjusted EBITDA has been lowered from 3.2x at the end of Q2, to 2.3x. Also, company outlook statements reflect some relief – including in its UK market (NWC M&A). We raise our earnings slightly and we reiterate our SEK 80 mid-point value.
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