The share is up 38% L3M, driven by several important contracts in Germany and Denmark. On our pre-report estimates which does not include the German contract that was announced on Wednesday, 11 August, the share is trading at 11x ’22e EV/EBIT (c. 8x ‘22e EV/EBIT including German contract), offering 8% lease adj. FCF yield for ’23e. Alcadon announced that updated financial targets will be presented to better reflect its strategic growth agenda until 2025.
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