Verkkokauppa is exposed to discretionary spending with an average ticket price of over EUR 100. In our recent consumer study we concluded that average disposable income for Finnish households is being squeezed by 9%. This is a good proxy for Verkkokauppa.com’s demand environment. We cut again our earnings and dividend expectations. Our new fair value trading range is EUR 2.1-2.8 (EUR 2.7-3.4), or some 25% downside at the mid-point.
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