Duell’s sales beat our estimates in Q3 despite the profit warning given this week, but sales came in at weak gross margin, leading to clearly declining profits in Q3. The market trend seems to have weakened towards the quarter-end and we expect this to continue in Q4. Duell usually generates most of its annual cash flow in Q4, so success in this is now crucial to avoid problems with balance sheet. The market is not helping and risks have increased.
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