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SENASTE
Footway Group’s Q2 results corroborated our main thesis in terms of good cost and working capital management. EBITA turned positive y/y (we raise our FY 2023 estimates) and inventory levels have fallen SEK 128m since end-Q4 2022. Reflecting the challenging top-line developments and tightened supplier credit terms, Footway is “planning a SEK 100m rights issue”. Not yet including this in our model, we set our revised mid-point at SEK 5.50 (6.50).
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