Reflecting its exposure to weak consumer markets (the main division Aurdel acts as the distributor of IT and consumer goods in the Nordic region), we lower our earnings estimates for DistIT. The prevailing sales ban on two top-selling EV charging products distributed by the Efuel division add to the downgrades. On our revised estimates, we believe DistIT trades on a 2024 EV/EBIT of 8x, suggesting a well-rehearsed story. Our new mid-point value is SEK 15 (17).
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