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SENASTE
While organic growth in Q1 was flat, burdened by the pandemic’s impact on retail and the professional event market (A&V solutions), we argue DistIT Group’s results (which met or exceeded our forecasts) corroborate our margin case. Despite lower-than-expected own-brand sales, gross margins were up by 1.2pp y/y. Adding good cost control this explains adjusted EBIT growth of 33% y/y. We reiterate our midpoint DCF-based equity value of SEK 125.
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