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SENASTE
Duni is putting its cash to use by strengthening its food packaging business in the Asia-Pacific region through an acquisition that looks exciting to us. On the business side, we expect Q1 to be a relatively stable quarter. However slow momentum for HoReCa in Europe is likely to be a small drag on volume. Despite that, we expect margins to hold up and see continued good cash flow. We reiterate our DCF-based mid-point of SEK 191 (range of SEK 169-216).
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