Duni delivered a soft Q2, with -4% organic growth y/y driven by lower volumes and negative mix. While volumes are well below pre-pandemic levels, so is the European consumer climate. We see limited progress until Germany lowers VAT on restaurant food in 2026 and thus suspect that volumes could be depressed in the coming quarters too. After the Q2 report, we update our DCF-derived fair value range to SEK 129-174 (144-189).
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