We lower our DCF fair value range to SEK 103-146 following Duni’s profit warning. While the warning was primarily driven by execution issues related to the Meppen warehouse transition, we also believe underlying demand remains soft, with weak consumer confidence and subdued HoReCa activity limiting volume recovery in Dining Solutions. We therefore forecast organic growth of c. -3% and an operating margin of c. 4% for Q2/26.
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