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 9.1x '24e EV/EBITA
CEO Sonny Mirborn stepping down in Oct-24


Q1e: We estimate adj. EBITA -12% y-o-y

We expect Alcadon to report Q1 net sales of SEK 411m, up 6%, of which +4% organic and +2% FX, with Benelux, Germany, and the UK being the biggest organic drivers, while we expect negative organic growth in all Nordic countries. We arrive at an EBITA estimate of SEK 27.6m, down 12% y-o-y, for a margin of 6.7% (8.1%). The decline mainly stems from a lower gross margin assumption. Note that the Wood Communications acquisition was completed on 2 April, and as such does not affect Q1.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/alcadon/Equity-research/2024/4/alcadon---wood-ma-lifts-24e-26e-eps-by-4-6/