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SENASTE
We reckon the depressed Q2/22 earnings reflect weak consumer sentiment rather than the Verkkokauppa.com brand losing traction. We continue to think the shares should trade at premium to Nordic bricks & mortar retailers because of the strong brand, superior omni-channel concept and relatively low fixed-costs-to-sales, given just four MEGA stores. Our fair trading range for EV/EBIT in 2023E is 11-12.5x, which translates to EUR 3.8-4.4 per share.
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