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SENASTE
Footway’s Q3 results were adversely impacted by ongoing corporate restructuring. Sales were lower y/y due to the issues with in-season stock-in-trade levels and composition, and reflecting goodwill and tax asset write-downs. We cut our earnings forecasts accordingly and see Q3 as the trough. Our 2024 sales projections are flat y/y, but savings should drive improving results from here. We reiterate our fair mid-point equity value of SEK 3.
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