We regard the refresh cycle to have begun in Q2/25. Initially kick-started by changes to Finnish TV broadcasting, shutting down very old TVs, it has since broadened to other categories as well. We expect the holiday sales season to have been successful in terms of sales and gross margin, which is in line with Currys’ comments (Gigantti brand in Finland). Our new FV target range is EUR 4.3-4.9, pointing to 2026E EV/EBIT of 12-14x.
LÄS MER
