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Following weaker-than-expected Q3 results and downgraded sales and EBIT estimates from Q4 onwards, we revise our mid-point value to SEK 75 (SEK 100). Following a period of consumer uncertainty (declining retail sales), we argue destocking is likely to burden short-term volumes for distributors like DistIT’s Aurdel. Addressing its elevated stock position should also come at a cost to the gross margin. Its Efuel business remains a structural leg, we argue.
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