Alcadon is trading at 8x ‘22e EV/EBIT, down from 9.3x before the German contract and 20% below its 3-year average, while offering 9-11% ’22e-‘23e free cash flow yield. We note the contract gives improved exposure to Germany and cements its role as a solid partner in Germany. In addition, we estimate a ‘21e cash/sales ratio of ~7% and a ‘21e net debt/EBITDA of 1.0x. Thereby, we believe Alcadon is poised to continue growing through additional acquisitions, mainly in Germany, which would add to our estimates.
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