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SENASTE
Alcadon Group delivered Q3 sales and adjusted earnings ahead of our and consensus forecasts. Adjusting for NRIs (positive forex effects from revaluation of M&A contingencies), underlying EBITA of SEK 23m was 14% ahead of our forecasts. More importantly, significant OCF generation (SEK 60m) has contributed to lower net debt-to-EBITDA (excluding IFRS-16 leases) to 2.5x. Negative organic growth looks like the only weak spot. Our current fair mid-point equity value is SEK 80 per share.
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