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We argue Alcadon Group’s Q4 report corroborates three key factors in our case with organic growth of 5% y/y; M&A growth of 86% y/y (pro-forma organic sales were up 34% in NWC); and gross margin support from pricing measures (the y/y GM decline in Q4 halved vs. in Q3). Based on broadly unchanged estimates, we expect 2023 sales and EBITA of about SEK 1.7bn (+54% y/y) and SEK 130m (7.6% margin). We retain our SEK 130 mid-point.
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