Verkkokauppa.com announced in early June it will sell its customer finance business to Norion Bank for EUR34m. This returns it to a net cash position and will help Verkkokauppa.com resume its dividends. The divestment has a relatively small profit impact but lowers EV quite a bit as the balance sheet is again net cash. We make 4-5% cuts to 2025E-27E adj. EBIT but increase our fair value range to EUR 2.8-3.6 per share, as risks are lower, in our view.

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