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Duni Q4: A soft end to a good year but strong cash flow supports increased dividend - SEB

Against a tough comp, DUNI missed on our top line and adj. EBIT estimates by -6% and -13%, respectively. Organic grow was -5% due to lower volumes in both segments albeit against a tough comp. The adj. EBIT margin was 10%, 78bps below our estimates mainly driven by lower volumes, particularly in BA BioPak. Proposed dividend of SEK 5.0 per share (vs. SEB of SEK3.9) Our prel. take is that FY24E adj. EBIT estimates will decrease mid-single-digits and shares to underperform today

Against a tough comp, DUNI missed on our top line and adj. EBIT estimates by -6% and -13%, respectively. Organic grow was -5% due to lower volumes in both segments albeit against a tough comp. The adj. EBIT margin was 10%, 78bps below our estimates mainly driven by lower volumes, particularly in BA BioPak. Proposed dividend of SEK 5.0 per share (vs. SEB of SEK3.9) Our prel. take is that FY24E adj. EBIT estimates will decrease mid-single-digits and shares to underperform today
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