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Alcadon Q2: Sales and underlying earnings as expected - SEB

Alcadon Group, the distributor of network solutions, delivered Q2 top-line growth in line with our forecasts, while organic sales contributions (-4% y/y) were lower than we expected (-0.4% y/y). Adjusted EBIT of SEK 21m was exactly as we expected, implying margins of 5.7% (SEBe: 5.6%) and up 0.8pp y/y. Our base case is to tentatively leave our financial forecasts rather unchanged and we reiterate our current mid-point equity value of SEK 100 per share for Alcadon Group.

Alcadon Group, the distributor of network solutions, delivered Q2 top-line growth in line with our forecasts, while organic sales contributions (-4% y/y) were lower than we expected (-0.4% y/y). Adjusted EBIT of SEK 21m was exactly as we expected, implying margins of 5.7% (SEBe: 5.6%) and up 0.8pp y/y. Our base case is to tentatively leave our financial forecasts rather unchanged and we reiterate our current mid-point equity value of SEK 100 per share for Alcadon Group.
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