Alcadon continues to prioritise profitability and capital efficiency, underscored by its decision to exit underperforming German operations. Aside from this, we expect a largely uneventful Q4/25E. The shares trade at 9x 2026E EV/EBITA, corresponding to a 10% FCF yield, around 20% below the L10Y average. We attribute the discount to elevated leverage and soft earnings momentum, both of which we expect to improve ahead.
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