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Alcadon: Smaller M&A adds Belgium to its distribution capacity - SEB

Alcadon Group, a leading distributor of structured cable systems (SCS) and fiber network solutions in the premium segment, has announced the acquisition of 80% (plus a 20% option) of the Belgian distributor 6X International BV. Paying about SEK 10m (4x 2021 estimated underlying EV/EBITDA), this will not have any meaningful CEPS impact today, but we think this adds new future market potential. We reiterate our financial forecasts and our SEK 90 midpoint value per share.

Alcadon Group, a leading distributor of structured cable systems (SCS) and fiber network solutions in the premium segment, has announced the acquisition of 80% (plus a 20% option) of the Belgian distributor 6X International BV. Paying about SEK 10m (4x 2021 estimated underlying EV/EBITDA), this will not have any meaningful CEPS impact today, but we think this adds new future market potential. We reiterate our financial forecasts and our SEK 90 midpoint value per share.
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