We leave our DCF-derived fair equity value range of SEK 129-174 unchanged ahead Duni’s Q4 report. While near-term demand remains muted, the earnings base is increasingly protected by cost savings, with upside driven by a gradual volume recovery as market conditions normalise. With VAT relief in Germany from 2026 and operating leverage set to improve, we see a more favourable risk/reward profile into 2026.
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