Duell's Q3 report beat our and Duell's own expectations widely. Sales increased y/y, while we had expected clear decline, also leading to higher earnings despite weaker-than-expected gross margin. Initiatives to grow in the Nordics seem to have been supportive. Also NWC and net debt were lower than we had expected. Leverage remains elevated at 5x, keeping uncertainties up, but covenants were met. Guidance was reiterated, which seems to us conservative.
LÄS MER
