Alcadon, the distributor of network solutions, reported weaker-than-expected Q3 sales and underlying EBITA; also compared to our downgraded expectations ahead of numbers. Mainly, the miss is derived from an organic sales decline of 7% y/y (SEBe: +2%). The deviation corresponds to a mechanical downgrade of our FY 2024 adjusted EBITA of 4%. The shares have been rather weak over the past month, trading down 6.4%. Our current mid-point equity value is SEK 76 per share.
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