While we believe that the current geopolitical turmoil had a negative impact on consumer discretionary spend in Q1 and thus volumes for Duni, we see several drivers for margin expansion in 2025. If current FX, raw material and freight rates hold, we calculate Duni’s gross margin could expand by 1.5-2pp, which combined with price increases should support earnings growth in 2025. Ahead of Q1, we keep our DCF-derived fair equity value of SEK 148-190.
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