Despite end-markets remaining mixed and other external headwinds, Alcadon continued on its path of gradually improving earnings in Q2/26, something we expect will be the case going ahead as well. The shares trade at 2027E EV/EBITA of 8.6x, which can be compared to its L8Y average of 11x and our reiterated fair value range of SEK 40-50, translating into 10-12x 2027E EV/EBITA.
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