Despite a challenging market, Duni’s Q3 report was solid with adj. EBIT of SEK 135m (16% ahead of our estimates) driven by Dining Solutions and decent cash flow. However, a SEK 125m one-off relating to the new warehouse drove EBIT down c. 35% y/y. We adjust our estimates but keep our DCF-derived fair equity value of SEK 148-190 (mid-point of SEK 168).
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