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Duni Q2: Earnings beat makes up for softer top line - SEB

Duni's Q2 net sales were SEK 1,936m with organic growth of 5.6% supported by price increases as volumes were slightly lower y/y. Despite this, the operating margin of 8.8% exceeded our estimated 7.5%, supported by better-than-expected effects from operational leverage and price increases. BioPak also continues to show a positive trend in normalising inventory levels, supporting cash flow. The report suggests potential positive single-digit earnings revisions for FY/23.

Duni's Q2 net sales were SEK 1,936m with organic growth of 5.6% supported by price increases as volumes were slightly lower y/y. Despite this, the operating margin of 8.8% exceeded our estimated 7.5%, supported by better-than-expected effects from operational leverage and price increases. BioPak also continues to show a positive trend in normalising inventory levels, supporting cash flow. The report suggests potential positive single-digit earnings revisions for FY/23.
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