Belgian 6X is expected to report ‘21e sales and EBITDA of SEK ~40m and SEK ~3m, respectively, corresponding to an adj. EBITDA margin of 8%. This is slightly lower than Alcadon’s ‘21e EBITDA margin of ~12%. The lower profitability is due to Belgian 6X’s substantially smaller size. The purchase price corresponds to an ‘21e EV/adj. EBITDA of ~3.9x. The purchase includes a call/put option for the remaining 20% that can be exercised from ‘24-‘28.
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