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Alcadon: Ireland calling - earnings-accretive acquisition of Woods Communications - SEB

Alcadon Group is acquiring Irish Woods Communications for a max. of SEK 146m (SEK 113m, excluding earn-out, capped at SEK 33m) financed by a combination of newly issued shares (grossing SEK 75m, priced at SEK 36.50) and cash/debt. Based on our initial earnings scenario analyses the consolidation of Woods could add c. 7% p.a. to our current full-year sales estimates in 2024-26 and 13-14% to our corresponding EBITDA estimates. Our current mid-point equity value is SEK 80.

Alcadon Group is acquiring Irish Woods Communications for a max. of SEK 146m (SEK 113m, excluding earn-out, capped at SEK 33m) financed by a combination of newly issued shares (grossing SEK 75m, priced at SEK 36.50) and cash/debt. Based on our initial earnings scenario analyses the consolidation of Woods could add c. 7% p.a. to our current full-year sales estimates in 2024-26 and 13-14% to our corresponding EBITDA estimates. Our current mid-point equity value is SEK 80.
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