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SENASTE
To us, Alcadon Group’s Q4 margins corroborated one of three key drivers in our investment case: consolidating its acquisition of 6X as of this quarter will highlight the M&A opportunity as well. Most importantly, we expect Alcadon to return to organic growth as of Q1 this year. Given our estimates for 60% EPS growth, of which 6X contributes half, we find the equity valuation of 12x 2021 attractive. We reiterate our midpoint DCF of SEK 50.
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