Alcadon: Cash (flow) is king when pursuing M&A - SEB

Lower volumes mask an improved earnings profile, as Alcadon benefits from exiting its loss-making German operations. Strong cash generation continues to reduce leverage, supporting potential acquisition capacity. While sales remain under pressure, profitability and cash flow are strengthening in line with Alcadon’s strategy. The shares trade at a 2026E-27E EV/EBITA of 9-10x with a 7-8% free cash flow yield.

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