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Gaining further share in the Nordics. Margins set to improve from here. Reiterate BUY, TP raised to SEK 45 (40).
We forecast Q1'24e org. growth +6%. Margin pressure due to adverse FX. Price adjustments to support '24e earnings: BUY.
Soft org. growth but strong margin expansion among mid/large caps. E-commerce penetration back to growth. We highlight Axfood, H&M, Rugvista and RVRC as top picks.
Further market share gains. Softer gross margin outlook in FY'24e. Reiterate BUY, TP cut to SEK 42 (45).
We forecast Q4'23e org. growth +5%. Margin pressure due to adverse FX. Price adjustments to support '24e earnings : BUY.
Further market share gains. Improved margin outlook in FY'24e. Reiterate BUY, TP left unchanged at SEK 43.
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