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Alcadon: Weak markets to weigh on organic growth - SEB

From mainly lowered sales assumptions, we downgrade our adjusted EBITA earnings by an average of 11% over our forecast period 2023-25. This reflects weak markets (from increasing financing costs amid rising interest rates) and likely delayed project and investment starts, we argue. Also, we shift some of our 2023-25 frame agreement revenue forecasts into 2026. We set our revised mid-point equity value at SEK 100 (115).

From mainly lowered sales assumptions, we downgrade our adjusted EBITA earnings by an average of 11% over our forecast period 2023-25. This reflects weak markets (from increasing financing costs amid rising interest rates) and likely delayed project and investment starts, we argue. Also, we shift some of our 2023-25 frame agreement revenue forecasts into 2026. We set our revised mid-point equity value at SEK 100 (115).
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