Duell’s earnings declined in Q2 (Dec-Feb) y/y, affected by mild winter weather. We do not believe the weather was perfect in Q3 (Mar-May) either but expect internal actions to gradually support earnings; we estimate flat adj. EBITA y/y in Q3 before returning to earnings growth. Our fair value range rises to EUR 7.0-7.9 (6.9-7.8) following a rise in public valuations.
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