Verkkokauppa is exposed to discretionary spending with an average ticket size above EUR 100. In our latest consumer study we concluded that average disposable income for a Finnish household is squeezed by 9%. This is a good proxy for Verkkokauppa.com’s demand environment (excl. B2B sales). We have cut our estimates and dividends in 2022E-23E. Cost savings could revive profits but Verkkokauppa.com already has rather lean operations.
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