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SENASTE
Alcadon delivered a Q1 much in line with expectations, with adj. EBITA growing 92% y/y. The pro forma organic growth was impressive at 22% y/y, primarily driven by the strong development in the UK market. Cash flow was decent and management sees room for improvements from Q2 onwards. Management gives a positive outlook and we expect cons estimates to remain intact. The share trades at 10x f12m EV/EBITA. We reiterate our SEK 120 mid-point equity value.
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