Duell had announced a profit warning (PW) earlier this week. Sales beat our pre-PW estimates in Q3, but came at clearly weakened gross margin y/y, leading to a notable decline in adj. EBITA y/y. Duell mentioned that demand weakened towards the quarter-end. NWC and net debt was lower than we had expected, but Duell still needs to focus on successful NWC management in Q4 to avoid problems with the balance sheet given the weakened performance towards end-Q3.
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