Duni delivered a soft Q1, in our view. Despite a higher gross margin and stable volumes, organic growth fell c. 1% and the operating margin contracted y/y. Near-term pressure is likely to persist, with higher energy and input costs and logistics a drag into Q2. While there were positives in the report, meaningful near-term margin expansion looks limited with the macro backdrop yet to turn. We update our DCF-derived fair value range to SEK 110-153 (120-164).

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