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Alcadon Group: Covid-19 proliferation may delay projects, growth story intact - SEB

At SEB's Nordic Seminar, CEO Sonny Mirborn outlined the underlying market drivers for organic growth, building from underpenetrated large markets including Germany, as well as in Belgium after its recent acquisition of 6X International in this market. While we reckon the ongoing proliferation of the pandemic will likely delay the start of several of its recent order wins, we argue the investment case remains intact - building from high margin organic sales and add-on M&A.

At SEB's Nordic Seminar, CEO Sonny Mirborn outlined the underlying market drivers for organic growth, building from underpenetrated large markets including Germany, as well as in Belgium after its recent acquisition of 6X International in this market. While we reckon the ongoing proliferation of the pandemic will likely delay the start of several of its recent order wins, we argue the investment case remains intact - building from high margin organic sales and add-on M&A.
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