Duni reported decent Q1 sales of SEK 1,863m, 6% ahead of expectations, but with adj. EBIT 30% below our estimate. The earnings miss was driven by lower margin in both segments due to negative mix and FX headwinds. As a result, operating margin fell by 2pp y/y. Our first take is for minor negative revisions to consensus 2025 EBIT estimates and for the shares to trade down today. Our current mid-point fair value per share is SEK 170 (range SEK 148-190).
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