We leave our DCF-derived fair equity value range of SEK 120-164 unchanged ahead Duni’s Q1 report. We forecast a sequential organic growth recovery to -1% y/y, driven by a mechanical rebound in retail contracts, though underlying demand remains soft and mix unfavourable.. However, margins should improve y/y as prior headwinds fade, and for 2026 we see H2 benefits from several drivers supporting improved operating leverage and EBIT growth.
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