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Duni: Turning the tables on single-use plastics - SEB

We initiate coverage of Duni, a leading provider of sustainable food service packaging solutions, with a mid-point DCF-based value of SEK 130. We believe it is well positioned to continue to capitalise on growing demand for eco-friendly food service packaging and to leverage the recovery in HoReCa to drive organic growth in its legacy business. As price increases materialise and volumes stabilise, we project EBITA margins recover to 9.9% by 2025.

We initiate coverage of Duni, a leading provider of sustainable food service packaging solutions, with a mid-point DCF-based value of SEK 130. We believe it is well positioned to continue to capitalise on growing demand for eco-friendly food service packaging and to leverage the recovery in HoReCa to drive organic growth in its legacy business. As price increases materialise and volumes stabilise, we project EBITA margins recover to 9.9% by 2025.
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