Q2: strong cash flow and signs of improving FTTH
Alcadon delivered Q2 adj. EBITA 2% below our expectations, but cash flow was very strong, primarily thanks to a working capital release of SEK 43m, equal to 4.3% of market cap. As a result, r12m lease adj. ND/EBITDA (excl. earn-outs) is now down to 1.9x compared to 2.2x at the start of the year. The data centre vertical continues to be the main organic growth driver, but Alcadon also mentions that fibre-to-the-home (FTTH) customers now have clear plans to increase their investment rates as a result of lower interest rate expectations. This is an especially good sign, in our view, given that the weak FTTH market has been weighing on organic growth recently.
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