Duni ended 2024 with a decent Q4 report; adj. EBIT was 5% ahead of our forecast, driven by a strong operating margin by Dining Solutions. While Food Packaging disappointed us, we are positive about Duni’s momentum in 2025, with markets looking like they have bottomed out and price increases to support the top line and margins ahead. We make small estimate revisions but keep our DCF-derived fair equity value of SEK 148-190 (mid-point of SEK 168).
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