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Third party research

Alcadon: Adj. EBITA in line - ABG

Alcadon Group

This is a third party research report and does not necessarily reflect our views or values

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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 estimates


Q1 outcome

Sales were SEK 399m (-3% vs. ABGSCe 411m), up 3% y-o-y, of which +1% was organic growth (ABGSCe +4%). The gross margin was slightly lower than expected (24.3% vs. ABGSCe 24.5%), but this was compensated for with good cost control on opex, resulting in an adj. EBITA of SEK 27.3m (-1% vs. ABGSCe 27.6m), for a margin of 6.8% (ABGSCe 6.7%). This excludes NRIs of SEK -6.2m (ABGSCe 0) tied to unrealised FX revaluations on earn-outs. At segment level, Benelux continues its strong trend, while the UK came in below expectations. Lease adj. FCF amounted to SEK 4.1m, weighed by a SEK -21.2m working capital build-up.
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