Alcadon Group, the leading distributor of premium network equipment, delivered sales (+30% y/y) and EBIT (+72% y/y) in line with our forecasts. The acquisition of 6X bettered both our growth and margin estimates. This implies that organic growth is negative reflecting the pandemic impact on project starts (commercial real estate). As growth returns, margins are strong (Q1: EBIT of 9.5%). We expect to maintain our forecasts and we reiterate our midpoint DCF of SEK 50.
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