Alcadon Group AB: 1 director

A director at Alcadon Group AB bought 600,833 shares at 21.390SEK and the significance rating of the trade was 72/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...

Terminating coverage

Strong cash flow steals the headlines

Very strong cash flow, adj. EBITA roughly in line

Wood M&A drives sales and EBITA growth

No drama, with Q1 in line

Adj. EBITA in line, we expect higher margins ahead. Minor revisions: adj. EBITA lowered by 2% p.a. 9x '24e EV/EBITA (adj.), 15% '24e-'26e adj. EBITA CAGR.

Adj. EBITA in line

Alcadon - Germany still slow, but more orders coming in

External factors continued to weigh on margins in Q3 Germany slower, but more orders starting to come in 13x ’23e EV/EBIT, 33% ’21-’24e adj. EBIT CAGR

Alcadon - A strong start in UK, Germany still slower

Adj. EBIT SEK 14.0m (-18% vs. ABGSCe 17.0m) Consensus likely to come down by 3-4% 14x ’23e EV/EBIT on pre-Q3 numbers

Alcadon - First quarter as a UK company

Q3 report due Friday, 28 October Sales SEK 268m, adj. EBIT 17m (6.3%) 53% ’22e-‘24e adj. EBIT CAGR

Alcadon - Taking a closer look at “Vision 2025”

Benefitting from strong structural growth trends A value-creating M&A strategy Vision 2025 could imply 7x ‘25e EV/EBITA

Alcadon - New ambitious financial targets

Sales growth of 20%, EBITA margin >10% Will investigate the possibility to move to Main Market Trading at 14.4x f12m EV/EBITA

Alcadon - Our thoughts ahead of the CMD

A deep dive into Alcadon on 29 September Old financial targets to be updated 34% ’21-’24e EBITA CAGR, 12x ’23e EV/EBITA

Alcadon - CMD confirmed on 29 September in Stockholm

Ramp-up of deliveries in H2’22 to Germany CMD 29 September, we expect updated financial targets 34% ’21-‘24e EBIT CAGR

Alcadon - H2’22 and beyond looks exciting

Report fairly in line with expectations Healthy pipeline of projects and stabilization in cost infl. Ramp up of deliveries in Germany during H2’22

Alcadon - Putting the strong balance sheet to good use

Acquires Networks Centre Holding Company in the UK Pays 8.8-11.5x EV/EBITDA An attractive market within Data centers and FTTH

Alcadon - H2’22 looks more exciting than Q2’22e

Q2 report due Friday, 12 August Scale-up of organization to weigh on margins in Q2… …and notable volumes in Germany set to come in H2

Alcadon - ABGSC’s Investor Days feedback

ABGSC hosted Alcadon’s CEO at investor day today Ambitious European agenda… …with ample M&A headroom

Alcadon - Deliveries to Germany have started in Q2

EBIT 13% better than cons. expectations Margins to improve ahead… …as well as organic growth

Alcadon - Big in Germany (soon)

Adj. EBIT 13% better than ABGSCe Deliveries in Germany have started Trading at 14x f12m adj. EV/EBIT