Duni: Prep work done; demand still on the way - SEB

Duni’s Q4 came in on the softer side, with FX headwinds and weak organic growth weighing on earnings. However, with retail contract phasing set to normalise, Germany’s VAT cut providing a potential HoReCa demand tailwind and restructuring actions largely in place, we see improving earnings momentum on easier comparables into 2026. After the Q4 report, we update our DCF-derived fair value range to SEK 120-164 (129-174).

Länk till analysen i sin helhet: https://research.sebgroup.com/corporate/reports/139725