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SENASTE
While Alcadon Group’s Q3 results were much in line with our expectations, importantly confirming our margin expansion case, we have lowered our sales estimates slightly, translating into an average EPS decrease of about 3% p.a. in 2020-2022E. We reiterate our mid-point DCF-based equity value of SEK 35 per share. At this level the company would be valued at about 13x our 2021 EV/EBIT estimates: still a near 15% discount to its peers.
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