Analyser av Alcadon Group

Alcadon - Strong cash flow steals the headlines - ABG

Q2: strong cash flow and signs of improving FTTH Alcadon delivered Q2 adj.

ABG Sundal Collier • 12 Aug 09:42

Alcadon: Very strong cash flow, adj. EBITA roughly in line - ABG

Adj. EBITA -2% vs. ABGSCe, but very strong cash flow Q2 numbers imply no material adj.

ABG Sundal Collier • 09 Aug 08:54

Alcadon: Wood M&A drives sales and EBITA growth - ABG

Q2e: Wood acquisition drives sales and earnings growth We cut adj.

ABG Sundal Collier • 06 Aug 11:42

Alcadon: No drama, with Q1 in line - ABG

Adj. EBITA in line, we expect higher margins ahead Minor revisions: adj.

ABG Sundal Collier • 29 Apr 06:54

Alcadon: Adj. EBITA in line - ABG

Adj. EBITA SEK 27.3m (-1% vs. ABGSCe 27.6m) Q1 numbers imply no material estimate revisions Trading at 9x '24e EV/EBITA on our pre-Q1 estima...

ABG Sundal Collier • 26 Apr 10:17

Alcadon: Wood M&A lifts '24e-'26e EPS by 4-6% - ABG

Wood M&A lifts '24e-'26e EPS by 4-6%, EBITA up 12-17% Share now trading at 9.

ABG Sundal Collier • 18 Apr 09:32

Alcadon: Irish acquisition adds 16% to PF'24e EBITDA - ABG

Irish-based Wood adds 16% to PF'24e EBITDA 4.6x acquisition EV/EBITDA (ex.

ABG Sundal Collier • 07 Mar 08:10

Alcadon: Keeps the cash coming - ABG

Adjusted earnings in line, strong cash flow Financial risk has come down notably EBITA down 2% for '24e, but up 2% for '25e Strong cash flo...

ABG Sundal Collier • 26 Feb 07:47

Alcadon: Strong cash flow, adjusted earnings in line - ABG

Adj. EBITA SEK 26.6m (+1% vs. ABGSCe 26.4m) Q4 implies no material changes on adj.

ABG Sundal Collier • 23 Feb 09:11

Alcadon: We expect a solid quarter despite soft FTTH - ABG

Q4 report due on Friday 23 February '24e-'25e EBITA down 2-1%, UK raised but Germany lowered Share +32% L90D, but still trading below its 5Y...

ABG Sundal Collier • 13 Feb 10:48

Alcadon: Financial risk lower after strong cash flow - ABG

- EBITA beat and very strong cash flow... - ...mitigate concerns of high leverage - Adj.

ABG Sundal Collier • 30 Oct 2023 08:35

Alcadon - EBITA beat on lower costs - ABG

- Adj. EBITA SEK 22.9m (+8% vs. ABGSCe 21.3m) - Q3 numbers imply +2% adj.

ABG Sundal Collier • 27 Oct 2023 09:30

Alcadon: Mixed near-term outlook - ABG

Q3 report due on Friday, 27 October Data centres strong, FTTH outlook muted Trading at 11x '23e EV/EBITA (adj.

ABG Sundal Collier • 16 Oct 2023 14:42

Alcadon: Slower market set to improve by year-end - ABG

8% margin-driven adj. EBITA missExpect some more margin headwinds on weak SEKCompany cautious near-term, expects improvements by YE Nordics ...

ABG Sundal Collier • 14 Aug 2023 12:20

Alcadon: Nordics slow down while Europe is growing - ABG

Adj. EBITA SEK 21.4m (-8% vs. ABGSCe 23.3m)Q2 numbers imply adj.

ABG Sundal Collier • 11 Aug 2023 08:44

Alcadon: Data centres should hold up better than FTTH - ABG

• Q2 report due on Friday, 11 August • Organic slowdown and FX headwinds on margins • Trading at 11x '23e EV/EBITA (adj.

ABG Sundal Collier • 18 Jul 2023 13:49

Alcadon: Strong report despite weakness in Denmark - ABG

Denmark slows while UK continues its strong trend Adj.

ABG Sundal Collier • 02 May 2023 09:06

Alcadon: Data centres perform, fibre slowing - ABG

Mixed results with stronger adj. EBITA but softer net income Implied revisions: adj.

ABG Sundal Collier • 28 Apr 2023 10:12

Alcadon: FTTH deceleration fears, but we expect solid Q1 - ABG

Q1 report due on Friday, 28 April We expect the strong UK trend to continue despite fibre fears.

ABG Sundal Collier • 27 Apr 2023 07:18

Alcadon: Raises capital to meet high demand - ABG

Completes a SEK 52.6m directed share issue 4.5% EPS dilution, 4.

ABG Sundal Collier • 22 Mar 2023 07:37

Alcadon - Strong momentum in both UK and Germany - ABG

UK and Germany both strong, and margins improve Alcadon reported Q4 sales of SEK 401m (+2% vs.

ABG Sundal Collier • 22 Feb 2023 09:04

Alcadon - Germany ramping up, UK strong as well - ABG

Q4 results Sales were SEK 401m (+2% vs. ABGSCe 394m, +5% vs.

ABG Sundal Collier • 21 Feb 2023 08:46

Alcadon: Strong trend in UK to continue in Q4e - ABG

Q4 report due on Tuesday, 21 February Raised opex and financial cost estimates We expect Germany at ~SEK 200m p.

ABG Sundal Collier • 08 Feb 2023 07:45

Alcadon: First quarter as a UK company - ABG

Q3 report due Friday, 28 October Sales SEK 268m, adj.

ABG Sundal Collier • 11 Oct 2022 07:54

Alcadon: Taking a closer look at “Vision 2025” - ABG

Benefitting from strong structural growth trends A value-creating M&A strategy Vision 2025 could imply 7x ‘25e EV/EBITA Sales growth of 2...

ABG Sundal Collier • 30 Sep 2022 13:13

Alcadon: New ambitious financial targets - ABG

Sales growth of 20%, EBITA margin 10% Will investigate the possibility to move to Main Market Trading at 14.

ABG Sundal Collier • 28 Sep 2022 09:18

Alcadon: Our thoughts ahead of the CMD - ABG

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

ABG Sundal Collier • 15 Sep 2022 15:55

Alcadon: CMD confirmed on 29 September in Stockholm - ABG

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

ABG Sundal Collier • 12 Aug 2022 15:25

Alcadon: H2’22 and beyond looks exciting - ABG

Report fairly in line with expectations Healthy pipeline of projects and stabilization in cost infl.

ABG Sundal Collier • 12 Aug 2022 08:40

Alcadon: Putting the strong balance sheet to good use - ABG

Acquires Networks Centre Holding Company in the UK Pays 8.

ABG Sundal Collier • 10 Aug 2022 15:43

Alcadon: H2 looks more exciting than Q2 - ABG

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 Costs ...

ABG Sundal Collier • 20 Jul 2022 12:32

Alcadon: ABGSC’s Investor Days feedback - ABG

ABGSC hosted Alcadon’s CEO at investor day today Ambitious European agenda… …with ample M&A headroom A number of market drivers We hosted A...

ABG Sundal Collier • 24 May 2022 10:35

Alcadon: Preparing for growth - ABG

EBIT of SEK 17m, -9% vs. ABGSCe on higher opex ‘22e-‘23e EBIT up 32% on more German fiber Fair value up to SEK 45-90/share (30-70) Alcadon d...

ABG/Introduce • 16 Aug 2021 08:26

Alcadon: It’s looking up - SEB

We upgrade our sales and earnings forecasts materially, reflecting another major contract win in the German market.

SEB • 16 Aug 2021 08:23

Alcadon: Q2: Bettering our forecasts from higher growth and gross margins - SEB

Q2 sales and EBIT are ahead of our expectations. Sales came in at SEK 177m; 6% above our estimates and up 35% y/y, driven by acquired sales ...

SEB • 13 Aug 2021 09:55

Alcadon: Higher costs to secure growth - ABG

Q2 EBIT SEK 17m, -9% vs. ABGSCe Strong outlook for ‘22e intact 8x ’22e EV/EBIT including German contract Sales SEK 177m (0% vs ABGSCe 178m) ...

ABG/Introduce • 13 Aug 2021 09:15

Alcadon: Major strategic order win in Germany could lift 2022 EBIT by 25% - SEB

Alcadon Group, a leading distributor of premium network equipment, has announced an important order win with Deutsche Glasfarer, a dominant ...

SEB • 12 Aug 2021 09:02

Alcadon: EBIT up 31% in 2022e from German contract - ABG

Alcadon signs landmark agreement in Germany Adds 31-28% on ’22-‘23e EBIT Implied ‘22e EV/EBIT of ~6x (9.

ABG/Introduce • 12 Aug 2021 07:39

Alcadon: Earnings upgrades follow string of new orders - SEB

Reflecting several new order announcements, mainly within the Danish and German FTTH markets, as well as reduced financial costs (post refin...

SEB • 11 Aug 2021 08:16

Alcadon: Everything is in place for organic growth - ABG

Q2 expectations We forecast sales growth of 36% (-14% organic, 49% M&A, 1% FX) in Q2’21e, mainly driven by the acquisition of 6X Internation...

ABG/Introduce • 06 Aug 2021 08:36

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