Lower volumes mask an improved earnings profile, as Alcadon benefits from exiting its loss-making German operations.
Alcadon surprised on the upside with very strong cash flow in Q4/25, bringing full-year 2025 leasing adj.
Alcadon delivered Q4/25 adj. EBITA in line with our expectations, however with substantially stronger cash flow than expected, supported by ...
Alcadon continues to prioritise profitability and capital efficiency, underscored by its decision to exit underperforming German operations.
Alcadon announced this morning that it will discontinue its German operations, which comes as no major surprise to us.
Q2: strong cash flow and signs of improving FTTH Alcadon delivered Q2 adj.
Adj. EBITA -2% vs. ABGSCe, but very strong cash flow Q2 numbers imply no material adj.
Q2e: Wood acquisition drives sales and earnings growth We cut adj.
Adj. EBITA in line, we expect higher margins ahead Minor revisions: adj.
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...
Wood M&A lifts '24e-'26e EPS by 4-6%, EBITA up 12-17% Share now trading at 9.
Irish-based Wood adds 16% to PF'24e EBITDA 4.6x acquisition EV/EBITDA (ex.
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...
Adj. EBITA SEK 26.6m (+1% vs. ABGSCe 26.4m) Q4 implies no material changes on adj.
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...
- EBITA beat and very strong cash flow... - ...mitigate concerns of high leverage - Adj.
- Adj. EBITA SEK 22.9m (+8% vs. ABGSCe 21.3m) - Q3 numbers imply +2% adj.
Q3 report due on Friday, 27 October Data centres strong, FTTH outlook muted Trading at 11x '23e EV/EBITA (adj.
8% margin-driven adj. EBITA missExpect some more margin headwinds on weak SEKCompany cautious near-term, expects improvements by YE Nordics ...
Adj. EBITA SEK 21.4m (-8% vs. ABGSCe 23.3m)Q2 numbers imply adj.
• Q2 report due on Friday, 11 August • Organic slowdown and FX headwinds on margins • Trading at 11x '23e EV/EBITA (adj.
Denmark slows while UK continues its strong trend Adj.
Mixed results with stronger adj. EBITA but softer net income Implied revisions: adj.
Q1 report due on Friday, 28 April We expect the strong UK trend to continue despite fibre fears.
Completes a SEK 52.6m directed share issue 4.5% EPS dilution, 4.
UK and Germany both strong, and margins improve Alcadon reported Q4 sales of SEK 401m (+2% vs.
Q4 results Sales were SEK 401m (+2% vs. ABGSCe 394m, +5% vs.
Q4 report due on Tuesday, 21 February Raised opex and financial cost estimates We expect Germany at ~SEK 200m p.
Q3 report due Friday, 28 October Sales SEK 268m, adj.
Benefitting from strong structural growth trends A value-creating M&A strategy Vision 2025 could imply 7x ‘25e EV/EBITA Sales growth of 2...
Sales growth of 20%, EBITA margin 10% Will investigate the possibility to move to Main Market Trading at 14.
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...
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...
Report fairly in line with expectations Healthy pipeline of projects and stabilization in cost infl.
Acquires Networks Centre Holding Company in the UK Pays 8.
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 ...
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...
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...
We upgrade our sales and earnings forecasts materially, reflecting another major contract win in the German market.
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 ...
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) ...
Alcadon Group, a leading distributor of premium network equipment, has announced an important order win with Deutsche Glasfarer, a dominant ...
Alcadon signs landmark agreement in Germany Adds 31-28% on ’22-‘23e EBIT Implied ‘22e EV/EBIT of ~6x (9.
Reflecting several new order announcements, mainly within the Danish and German FTTH markets, as well as reduced financial costs (post refin...
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...
