Despite continued mixed end-markets, we expect that Alcadon will continue on its path of gradually improving earnings, accelerated by recent M&A. With 2026E ND/EBITDA of 2.3x, further near-term acquisitions are still on the table, we believe. The shares trade at 8.3x 2027E EV/EBITA, which can be compared to its L8Y average of 11x and our reiterated fair value range of SEK 40-50, translating to 10-12x 2027E EV/EBITA.
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