Redeye updates its estimates and valuation following the Q4 2024 report from Cheffelo. The report was stronger than we had estimated on all fronts, albeit naturally in line with the trading update and the reverse profit warning. Management commentary regarding the outlook for the coming year was positive, with the revised contribution margin target and the EBIT margin target (4%) reachable already by 2025 being the main highlights. We increase our esitmates for both sales and profitability in the near-term and mostly maintain our estimates for the longer term, resulting in an increased fair value range.
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