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SENASTE
While market demand remains sluggish, we argue Alcadon Group’s earnings are holding up well, as corroborated by an underlying EBITA margin of 6.6% in Q1 (Q1/23: 7.8%). Benelux markets mitigate declines in Scandinavia and, importantly, its major UK NWC acquisition recorded positive organic growth of 4% in the period. In all, Alcadon recorded weak organic growth of 1%. We maintain our estimates and reiterate our SEK 80 mid-point value.
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