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Duni Q3: Decent numbers but a restructuring cost weighs on EBIT - SEB

Duni reported Q3 net sales of SEK 1,910m (0% vs SEB 1,911m) and operating income of SEK 151m (+11% vs SEB of 136m), driven by higher than expected margins in Dining Solutions. However, a one-off of SEK -125m in restructuring costs in logistics sees gross profit and EBIT significantly below expectations. Our first take is that FY24 operating income estimates will come up by low single digits, while unadjusted EBIT estimates are likely to come down c. 20% mechanically.

Duni reported Q3 net sales of SEK 1,910m (0% vs SEB 1,911m) and operating income of SEK 151m (+11% vs SEB of 136m), driven by higher than expected margins in Dining Solutions. However, a one-off of SEK -125m in restructuring costs in logistics sees gross profit and EBIT significantly below expectations. Our first take is that FY24 operating income estimates will come up by low single digits, while unadjusted EBIT estimates are likely to come down c. 20% mechanically.
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