Guldbrev’s Q2 report demonstrated continued growth of 25% y/y, driven by successful geographical expansion and historically high gold prices. Due to softer figures than expected, a decline in the gold price, and gross margin volatility, we downgrade our estimates for the coming years. Despite near-term margin pressure, we expect healthy growth and high absolute profitability. Additionally, solid cash flows and a newly initiated share buyback program highlight the underlying strength of the business, leaving the stock attractively valued at current multiples.
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