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Alcadon Q1: Better on organic growth, gross margins drive EBIT beat - SEB

Alcadon Group's Q1 sales came in as we expected, while 15% organic growth compares to our 13% estimate. Mainly from higher gross margins, EBIT of SEK 15.5m was 14% above our SEK 13.5m forecast. While down 0.8pp y/y to 28.1%, gross margins are a full 1.7pp ahead of our 26.4% estimate. The challenging supply chain and resulting cost inflation will prevail in Q2.  CEO Sonny Mirborn reiterated the full delivery start to Deutsche Glasfaser and Emtelle "this summer".

Alcadon Group's Q1 sales came in as we expected, while 15% organic growth compares to our 13% estimate. Mainly from higher gross margins, EBIT of SEK 15.5m was 14% above our SEK 13.5m forecast. While down 0.8pp y/y to 28.1%, gross margins are a full 1.7pp ahead of our 26.4% estimate. The challenging supply chain and resulting cost inflation will prevail in Q2.  CEO Sonny Mirborn reiterated the full delivery start to Deutsche Glasfaser and Emtelle "this summer".
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