We do not expect major drama in Duni’s Q4 report, due on 11 February. Consumer sentiment in important European markets remains soft, thus we expect muted volume growth. On the other hand, we suspect stabilising raw material prices have led to a more stable pricing environment, which could support prices. We add recent acquisitions to our estimates and update our DCF-derived equity value to SEK 147-194 with a mid-point of SEK 170.
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