Mainly driven by acquired sales, we expect Alcadon Group to more than double EBIT y/y in Q4 (results due 22 February). Based on several order announcements in the second half of 2021, we project nearly 40% organic growth in 2022E. Including the directed new share issue proceeds in our forecasts, we now estimate its acquisition capacity at SEK 750m (assuming paying 6x EV/EBIT adds operating profits of SEK 125m).
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