Duell: The ghost of last winter still haunting Q1 - SEB

We expect Duell’s sales and adjusted EBITA to both decline y/y in Q1. We believe that following a warm winter in 2024-25, snowmobile retailers had high inventory levels ahead of the season, with winter again slow to start this year. Leverage is likely to see a seasonal increase. We believe that a clear share price increase would require earnings to be growing again, while the company guides for flat adjusted EBITA this year.

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