Duni’s Q4 came in on the softer side, with FX headwinds and weak organic growth weighing on earnings. However, with retail contract phasing set to normalise, Germany’s VAT cut providing a potential HoReCa demand tailwind and restructuring actions largely in place, we see improving earnings momentum on easier comparables into 2026. After the Q4 report, we update our DCF-derived fair value range to SEK 120-164 (129-174).
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