Alcadon’s Q2 results were in line with expectations, with strong cash conversion lifting LTM lease adj. FCF to SEK 59m (67% of adj. EBITA). The company trades at 2025E-26E EV/EBITA of 8.7x and 6.5x, respectively, 15–36% below its 10-year average, a gap coinciding with elevated leverage and a muted earnings trend, we believe. However, we expect both to improve ahead. We reiterate our fair equity value range of SEK 40-50 per share.
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