Alcadon is turning broadband weakness into a disciplined, data-center-led compounder, with margin recovery and niche acquisitions supporting substantial long-term upside despite cyclical execution risks.
Overview
Alcadon is a Stockholm-based network infrastructure specialist founded in 1988, operating across Sweden, Norway, Denmark, the UK, Ireland, Belgium and the Netherlands. It generates more than 99% of revenue from physical network products and serves approximately 2,800 customers with over 5,000 products. Its competitive position rests on technical support, local fulfillment, ECS and DC-Line private labels, and more than 4,000 certified installers. **The operating turnaround is gaining traction:** Q2 2026 sales rose 1.3% year over year to SEK 355.9 million, adjusted EBITA increased 9.1% to SEK 25.9 million, and the margin improved to 7.3% from 6.8%, marking a fifth consecutive quarter of sequential adjusted EBITA growth. Sweden grew 18.0%, while UK and Netherlands broadband weakness remained a material drag. **Valuation remains discounted:** at SEK 30.30, the shares trade at approximately 10.1x 2026 and 8.3x 2027 EV/adjusted EBITA versus an 8-year NTM average of 11.0x and a reported 50% discount to public peers. Near-term catalysts are margin progress toward 10%, further niche acquisitions, UK stabilization and data-center growth. The five-year base case targets SEK 60.87 per share.