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SENASTE
Alcadon Group's Q4 sales of SEK 401m were driven by higher contributions from NWC, its recent acquisition. Organic sales growth came in at 5% versus our estimates for 11% growth. Reported gross margins of 25.3% (SEBE and consensus: 24%) are down 2pp y/y, burdened by NWC. Excluding acquired GP contributions, margins are up 30bps y/y from 27.3% to 27.6%. In all, EBIT of SEK 26m is 5% ahead of our SEK 24m estimate (12% ahead of consensus). Our mid-point value is SEK 130.
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