Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Portfolio
  • Forum
  • Q&A
  • About Us
    • Our Coverage
    • Team
Third party research

Alcadon: No drama, with Q1 in line - ABG

Alcadon Group

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

Download report (PDF)
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


No surprises in Q1, we expect improvements ahead

Alcadon's Q1 numbers came with no major surprises: adj. EBITA was in line with our expectations (SEK 27.3m vs. ABGSCe 27.6m), while cash flow was weaker due to a normal seasonal build-up of working capital. There is still a clear difference between product verticals, with fibre-to-the-home (FTTH) being weaker while data centre growth remains strong. While we see no slowdown on the horizon for data centres, we expect to see improvements in FTTH towards the end of the year. Moreover, we also note that the consolidation of the Wood Communications acquisition should lift margins as early as in Q2.
Find us on social media
  • Inderes Forum
  • Youtube
  • Instagram
  • Facebook
  • X (Twitter)
Get in touch
  • info@inderes.se
  • +46 8 411 43 80
  • Vattugatan 17, 5tr
    111 52 Stockholm
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.