Here is a new company report on Aallon Group from Ate. 
We reiterate our Add recommendation for Aallon Group and a target price of 13.0 euros. We have incorporated the company’s two most recent acquisitions into our forecasts, which has led to a 3-4% increase in earnings estimates for the coming years. Aallon Group has clearly accelerated its acquisition pace, with 12 transactions seen from the company in the past year. In our opinion, the stock’s valuation (2026e adj. P/E 11x) appears moderate in relation to the company’s stable and strong cash flow generating business and its medium-term earnings growth prospects. The implementation of the organizational reform causes short-term uncertainty and costs, but enables the continuation of profitability improvement in the coming years.