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SENASTE
Alcadon shares have lost 62% over the past year (31% over the past three months), reflecting market concerns on growth prospects amid rising interest rates, i.e., project financing costs. In Q3, reflecting net indebtedness, we argue cash conversion is a main KPI. Based on revised numbers (we cut EBITA by 5% pa in 2023E-25E), we set our new mid-point at SEK 80 (100). At this level, the shares would trade at c. 12x our new 2024 EV/EBITA estimates.
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