Based on revised forecasts we set our new mid-point valuation at SEK 130 (SEK 135) per share. We reckon Alcadon is set to reach SEK 1.7bn in sales next year, driven by the NWC acquisition and accelerating deliveries from its frame agreements (less deliveries than expected YTD). In next year gross margins should reflect positive price/mix changes and 17-18% organic growth would add to operating leverage too (SEBE: c. 80% y/y EBIT growth).
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