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SENASTE
Verkkokauppa’s online sales grew 33% y/y in Q1. The growth came with better profitability, which adds confidence about the brand strengthening. While Q1 showed improvement, we have lowered our estimates slightly, as we acknowledge that home offices are likely more equipped now and will not see the same sales boost in Q2, while export sales should take longer to recover. Our fair value range is raised to EUR10.1-10.9 (from EUR9.7-10.5).
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