Redeye provides an initial take on Cheffelo’s Q3 2025 report. Both sales and profitability were significantly stronger than our estimates set after the Q2 report. However, our valuation had already been updated ahead of this report following the revised financial targets, the trading update, and the CMD. As both sales and profitability were known in advance, the new information from the report mainly concerned the Q4 guidance, where the company expects high single-digit growth and a slight margin decline y/y. This was already reflected in our estimates. Still, we think there is a risk that the market has overextrapolated the strong Q3 results, and we believe the share could trade slightly lower following a "decent" c233% run YTD.
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