Q3: Sales beat our pre-PW estimate, but came in at weak gross margin - SEB
3 juli, 09:20
3 juli, 09:20
Duell had announced a profit warning (PW) earlier this week. Sales beat our pre-PW estimates in Q3, but came at clearly weakened gross margin y/y, leading to a notable decline in adj. EBITA y/y. Duell mentioned that demand weakened towards the quarter-end. NWC and net debt was lower than we had expected, but Duell still needs to focus on successful NWC management in Q4 to avoid problems with the balance sheet given the weakened performance towards end-Q3.
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.
3 juli, 09:20
Duell had announced a profit warning (PW) earlier this week. Sales beat our pre-PW estimates in Q3, but came at clearly weakened gross margin y/y, leading to a notable decline in adj. EBITA y/y. Duell mentioned that demand weakened towards the quarter-end. NWC and net debt was lower than we had expected, but Duell still needs to focus on successful NWC management in Q4 to avoid problems with the balance sheet given the weakened performance towards end-Q3.
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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