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Alcadon Q3E: Significant organic growth on the cards - SEB

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Ahead of Q3 results (due: 22 October at 08.00 CET), we reiterate our financial forecasts. We lift our mid-point valuation from SEK 77 to SEK 88 on raised longer-term growth assumptions. Based on earlier order announcements, we look for 18% y/y organic growth in Q3. Including M&A (6X Int.), we forecast sales growth of 99% y/y, to SEK 189m, and EBIT of SEK 17m (9.2% margin). At 13x EV/EBIT, Alcadon offers interesting exposure to the pending roll out of 5G, we argue.
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