Duell

Duell’s Q2 held up slightly better than feared following the profit warning, but the downgrade shifts the burden clearly to H2. The ongoing French portfolio transition is set to weigh more heavily in the second half, delaying the earnings recovery.

Duell issued a profit warning yesterday ahead of its Q2 note, significantly lowering guidance for both net sales and adj. EBITA. Our estimates still reflected the old guidance. While Q2 performance remained challenging, the outcome was somewhat better...