Alcadon Group, the network equipment distributor, missed our Q4 sales expectations reflecting market project delays (Covid-19). Adjusted EBIT of SEK 9m was 5% ahead of our forecasts (in line with consensus), bolstered by strong gross margins (+3.9pp y/y) and cost control. Integration of 6X International is proceeding, including several new contract wins in the period. We forecast this acquisition to add over 30% to 2021 EPS growth. We expect largely unchanged EPS estimates.
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