Following Alcadon Group’s Q2 results that were better than we expected, we raise our underlying EBITA estimates by an average of 3% in 2024-26 and reiterate our DCF-based mid-point equity value of SEK 80 per share. While below our forecasts, y/y organic growth came in at 7% while EBITA margins surprised significantly at 7.7% (cp. target of 10%). Importantly, OCF was particularly strong too, improving y/y from SEK 6m to SEK 55m.
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