Alcadon: The show goes on - SEB
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Alcadon: The show goes on - SEB

Alcadon continues to deliver sequential earnings growth, supported by improving market conditions and disciplined execution. We expect this trend to continue, with further progress in capital efficiency and sustained strong cash flow generation. At 2027E EV/EBITA of 8x and a 9% FCF yield, the valuation remains below historical levels. We reiterate our SEK 40-50 fair value range.

Alcadon continues to deliver sequential earnings growth, supported by improving market conditions and disciplined execution. We expect this trend to continue, with further progress in capital efficiency and sustained strong cash flow generation. At 2027E EV/EBITA of 8x and a 9% FCF yield, the valuation remains below historical levels. We reiterate our SEK 40-50 fair value range.
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