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Alcadon: Directed new share issue to bolster growth and balance sheet - SEB

Alcadon has announced a directed share issue grossing about SEK 55m (c. 4.5% of shares). Proceeds will be used to strengthen its balance sheet, as well as to fund growth plans. Following the Q3 acquisition of the UK's NWC, adding c. 40% to group sales in 2023E, reported net debt (excluding lease debt)-to-EBITDA at year-end 2022 was 4x. On 23 February, Alcadon announced another frame agreement worth SEK 175m in 2024E-28E. We reiterate our SEK 130 mid-point value.

Alcadon has announced a directed share issue grossing about SEK 55m (c. 4.5% of shares). Proceeds will be used to strengthen its balance sheet, as well as to fund growth plans. Following the Q3 acquisition of the UK's NWC, adding c. 40% to group sales in 2023E, reported net debt (excluding lease debt)-to-EBITDA at year-end 2022 was 4x. On 23 February, Alcadon announced another frame agreement worth SEK 175m in 2024E-28E. We reiterate our SEK 130 mid-point value.
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