Duell’s sales and profitability beat our expectations in Q4 supported by warm weather towards the end of the summer in the Nordics, but performance in France was disappointing. Duell guides flat sales and adj. EBITA for FY26. Covenants were breached but a waiver was granted. Given the muted earnings growth, leverage and balance sheet risks are likely to remain elevated. We cut our fair equity value range to EUR 3.1-3.7 per share (4.0-4.6).
LÄS MER
