Our expectations for the Euros to have a positive impact on sales did not materialise in Q2, and Duni missed our sales and earnings estimates. Despite short-term headwinds, we highlight Duni’s defensive qualities, strong cash flows and sustainability exposure. We also see potential for Duni to buy back 20% of its shares by 2025. We lower our earnings estimates and DCF-derived fair equity value range to SEK 150-192 with a mid-point of SEK 170 (173).
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