Despite continued external headwinds, we expect Alcadon to maintain its trend of year-on-year and quarterly earnings growth in Q3/26. Looking ahead to 2027, we believe the company is well positioned to benefit from an accelerating Nordic data centre market. The shares trade at a 2026E-27E EV/EBITA of 8-10x while offering a 7-8% lease-adjusted FCF yield. We leave our fair value range of SEK 40-50 unchanged.
