Duni reported a decent Q4 report with sales in line with expectations, but with adj. EBIT 5% ahead of our estimates. The earnings beat was driven by Dining Solutions supported by volumes to HoReCa in Asia while demand in Europe remained muted. At first glance, we expect small positive mechanical estimate upgrades to consensus 2025E-26E EBIT and for shares to trade up low-to-mid single-digits today. Our current mid-point equity value per share is SEK 170.
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