2023 was an exceptional year for Duni. While growing the top line by 11%, operating margin expanded 290bps y/y resulting in 95% EPS growth, despite no earnings growth contribution from BA BioPak. This leaves sizeable earnings growth on the table in the coming years as the segment recovers. We forecast 30% EPS growth for 2024, which at a 2024E P/E valuation of 9x looks appealing. We reiterate our DCF-based mid-point equity value of SEK 191.
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