DNB Markets：Europris-公司研究报告-未能迅速改善OOB（瑞典折扣零售商）业绩不佳问题（英文版）（45页）

报告摘要

EUROPRISNoquickfixforOBTheQ2resultswerebroadlyinlinewithexpectations,butthesalestrendinNorwaywassoftandtheresultsfromoBweak,withasignificantturnaroundneedtoachieveitsSEK250mEBITtargetby2028.WehavedowngradedthestocktoHOLD(BUY)andcutourtargetpricetoNOK75(80)onloweredestimates.Q2NorwayEBITDAbroadlyinlinewithconsensus.NorwayEBITDAwasNOK525m(weforecastNOK525m,consensusNOK531m),aslowerrevenues(LFLgrowthof1.1%;weforecast5%)wereoffsetbyahighergrossmargin(44.7%;weforecast44.5%,consensus44.4%)andlowerop...