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SENASTE
Footway Group, including Sportamore since 2020, has built a strong position in the online footwear and sportswear markets. On its highly automated AI-based platform, Footway operates seven retail concepts in 24 European markets. We expect it to outgrow its peers with strong margin progression. We initiate coverage with a midpoint DCF value of SEK 39. The peer discount – the equity value is 1x 2022E EV/Sales – is excessive because Footway is under-analysed.
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