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Verkkokauppa: Not a soft landing - SEB

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.

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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