Footway Group’s Q1 results came in below our forecasts, mainly explained by weaker-than-expected sales reflecting challenges to replenish its stock-in-trade amid the corporate restructuring. We lower our underlying sales and results forecasts for 2024-26, while still projecting a gradual recovery in the year ahead. We set our new DCF-based mid-point equity value at SEK 2.00 (2.50) with a range of SEK 1.70-2.30 per share.
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