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Dist IT: Prevailing uncertainties mute H2 prospects - SEB

While we think the decision by the board of directors to postpone a decided DPS payout (of SEK 2) from Q3 to Q4 this year is sound, it also reflects prevailing uncertainties around the economy and consumer spending in H2 this year. We have lowered our sales growth and margin assumptions to reflect more modest demand in H2 2022. Based on our revised earnings and raising our CoE assumptions by 0.5pp, we set our new mid-point DCF value at SEK 115 (125).

While we think the decision by the board of directors to postpone a decided DPS payout (of SEK 2) from Q3 to Q4 this year is sound, it also reflects prevailing uncertainties around the economy and consumer spending in H2 this year. We have lowered our sales growth and margin assumptions to reflect more modest demand in H2 2022. Based on our revised earnings and raising our CoE assumptions by 0.5pp, we set our new mid-point DCF value at SEK 115 (125).
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