Alcadon Group delivered Q4 sales and adjusted EBIT about in line with our expectations, driven by organic growth of 5% (SEBE: 5%). The EBIT margin of 7.9% compares with our 9% estimate. Proposed DPS of SEK 0.50 is in line with our estimates. More importantly, the company guides for continuing supply chain issues impacting Q1 and likely project delays will push some of our sales and earnings forecasts into 2023. For now we reiterate our mid-point value of SEK 105.
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