Duni: Prep work done; demand still on the way - SEB
9 februari, 08:22
Duni’s Q4 came in on the softer side, with FX headwinds and weak organic growth weighing on earnings. However, with retail contract phasing set to normalise, Germany’s VAT cut providing a potential HoReCa demand tailwind and restructuring actions largely in place, we see improving earnings momentum on easier comparables into 2026. After the Q4 report, we update our DCF-derived fair value range to SEK 120-164 (129-174).
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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Duni: Prep work done; demand still on the way - SEB
9 februari, 08:22
Duni’s Q4 came in on the softer side, with FX headwinds and weak organic growth weighing on earnings. However, with retail contract phasing set to normalise, Germany’s VAT cut providing a potential HoReCa demand tailwind and restructuring actions largely in place, we see improving earnings momentum on easier comparables into 2026. After the Q4 report, we update our DCF-derived fair value range to SEK 120-164 (129-174).
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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