Verkkokauppa.com’s healthy balance sheet is helping it navigate a weak consumption environment. In Q4/22, the company was able to reduce inventories by 21% q/q or 15% y/y. There may be some seasonal variations on inventories but we highlight that we perceive no balance sheet risk. The cost saving programme should start to bite in H2, but we expect H1 earnings to remain sluggish and offer no triggers for a near-term re-rating
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