We leave our DCF-derived fair equity value of SEK 129-174 unchanged ahead Duni’s Q3 report. Our underlying estimates are also largely unchanged, at 0% organic growth and flat operating margins q/q for Q3. Near term, soft volume and cost inflation constrain relief, but restructuring savings from Q4 together with lower VAT on restaurant visits in Germany from 2026 should provide a path towards margin expansion in 2026, we argue.

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