Duell: A quarter with seasonal cash-flow generation - SEB
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Duell: A quarter with seasonal cash-flow generation - SEB

Duell’s Q4 (June-August) is the most important quarter for cash flow generation; we believe success here is especially important, as leverage is high. Duell has taken actions to improve its underlying performance and capital efficiency in France, but brand losses there should start to show fully now, so we expect a clear sales decline in Q4. We find Duell’s actions to improve rational, but that leverage risks remain elevated in the short term.

Duell’s Q4 (June-August) is the most important quarter for cash flow generation; we believe success here is especially important, as leverage is high. Duell has taken actions to improve its underlying performance and capital efficiency in France, but brand losses there should start to show fully now, so we expect a clear sales decline in Q4. We find Duell’s actions to improve rational, but that leverage risks remain elevated in the short term.
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