Alcadon Group has landed a strategic frame agreement with Fiberklaar (owned by EQT Infrastructure and Proximus, the market-leading telecom operator in Belgium) ahead of a roll-out of FTTH to 1.5m households in 2024-28. The order value is SEK 175m. Importantly, we argue this corroborates the 2021 acquisition of 6X International BV (Alcadon paid an EV of SEK 10m) and which should also lower the risk premium in Alcadon over time, we argue. Our valuation mid-point is SEK 130.
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