Alcadon is trading at 12x ‘22e EV/EBIT and offers a ‘22e-23e lease adj. FCF yield of 6-7%. We do not include any further acquisitions in our estimates, but we note that management are very clear that M&A is a key priority going ahead. We feel confident in Alcadon’s ability to conduct value-creating acquisitions for two reasons: 1) the impressive acquisition of 6X International has exceeded our expectations and 2) the CEO’s prior experience at Addtech and Nordstjernan, among others, where he was involved in several successful acquisitions.
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