Duell: Drive carefully in summer - SEB
4 juli, 07:25
4 juli, 07:25
Duell’s sales beat our estimates in Q3 despite the profit warning given this week, but sales came in at weak gross margin, leading to clearly declining profits in Q3. The market trend seems to have weakened towards the quarter-end and we expect this to continue in Q4. Duell usually generates most of its annual cash flow in Q4, so success in this is now crucial to avoid problems with balance sheet. The market is not helping and risks have increased.
SEB Research
This research has been commissioned by the company. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.
4 juli, 07:25
Duell’s sales beat our estimates in Q3 despite the profit warning given this week, but sales came in at weak gross margin, leading to clearly declining profits in Q3. The market trend seems to have weakened towards the quarter-end and we expect this to continue in Q4. Duell usually generates most of its annual cash flow in Q4, so success in this is now crucial to avoid problems with balance sheet. The market is not helping and risks have increased.
SEB Research
This research has been commissioned by the company. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.
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