Despite muted consumer sentiment, Duni delivered 1.5% organic growth in Q1. However, its operating profit came in short of our expectations as the operating margin fell by 2.3pp y/y. This was partly driven by FX, but also a significantly lower operating margin in FP due to high inventory levels. While management judges this to be temporary, we lower our 2025E adj. EBIT estimate by 22%, and our DCF-derived mid-point fair value to SEK 165 (173).
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