Duell’s Q3 beat our estimates by a wide margin in terms of sales, earnings and cash flow. The company had issued a profit warning in April, but Q3 turned out better than what Duell itself had expected, as sales actions in the Nordics were successful. Not everything from Q3 can be extrapolated, as Duell will lack the high-margin French business in Q4. Duell’s actions to improve performance seem rational, but short-term leverage risks remain high.
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