contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


alcadon-strong-cash-flow-steals-the-headlines-abg

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Alcadon Group develops and offers products, solutions and systems within network infrastructure/data communications. The product range includes fiber and copper-based solutions as well as both passive and active products. The operations are conducted in the Nordic region and Europe. Sales are primarily to installers, operators, construction companies, integrators, municipalities and data centers. The company was founded in 1988 and is headquartered in Stockholm.

Alcadon Group

Q2: strong cash flow and signs of improving FTTH Alcadon delivered Q2 adj. EBITA 2% below our expectations, but cash flow was very strong, primarily thanks to a working capital release of SEK...

Q2: strong cash flow and signs of improving FTTH Alcadon delivered Q2 adj. EBITA 2% below our expectations, but cash flow was very strong, primarily thanks to a working capital release of SEK 43m, equal to 4.3% of market cap. As a result, r12m lease adj. ND/EBITDA (excl. earn-outs) is now down to 1.9x compared to 2.2x at the start of the year. The data centre vertical continues to be the main organic growth driver, but Alcadon also mentions that fibre-to-the-home (FTTH) customers now have clear plans to increase their investment rates as a result of lower interest rate expectations. This is an especially good sign, in our view, given that the weak FTTH market has been weighing on organic growth recently. Adj. EBITA raised by 2% p.a., mainly on higher gross margin Our organic sales estimates are left mostly unchanged, as Q2 sales were only 1% below our expectations, although updated FX rates constitute a slight headwind. Moreover, the split between COGS and operating costs in the newly acquired Wood Communications was different from what we had thought, and as such we now raise our gross margin assumptions but partly offset this with higher opex. The net effect of this is that adj. EBITA comes up by 2% per annum for '24e-'26e. 7.4x '25e EV/EBITA; 8-11% '25e-'26e lease adj. FCF yield The share is now trading at 7.4x '25e EV/EBITA while offering a lease adj. FCF yield of 8-11% for '25e-'26e. We see clear signs from both Alcadon and several fibre optics equipment providers that FTTH demand looks set to gradually improve from low levels. Therefore, we are becoming increasingly confident that organic growth should accelerate into '25e, in turn supporting margins as well, and we estimate an adj. EBITA CAGR of 17% for '24e-'26e.