More of the same in Q3e

研报英文原文证据摘录

More of the same in Q3e

Equity Research - 17 June 2026 14:43 CEST

Reason: Preview of resultsDustin

• Price increases likely offset by lower volumes

• Small estimate changes (-0-1%), few triggers for a re-rating

• We stick to HOLD, TP SEK 1.80 IT

Price increases likely dampening volumes Estimate changes (%)

Much of the talk in the global PC industry today is around the surge in 2026e 2027e 2028e

memory prices. IDC, for example, estimates that global PC shipments Sales -0.7 -0.7 -0.7

will fall 11% in 2026 due to rising prices, while revenues will grow by EBIT -5.6 -1.3 -1.2

low single digits supported by price increases. We expect to see similar EPS -8.3 -1.9 -1.5

Source: ABG Sundal Collier

impacts on Dustin, as most of its assortment is not a need-to-have for

customers, and can therefore be delayed amid hopes of a cooler pricing DUST-SE/DUST SS

environment ahead. This is likely the case for cheaper laptops. We also Share price (SEK) 16/6/2026 1.67

expect the competitive pricing environment, especially in the Netherlands, Target price 1.80

to continue, which has a negative impact on Dustin's gross margin and

hence EBITA margin. However, on an easy comp we estimate adj. EBITA

to grow by 41% y-o-y to SEK 102m for a margin of 1.9% in Q3e. This is MCap (SEKm) 2,264

relatively in line with FactSet consensus (SEK 97m) and should therefore MCap (EURm) 208

already be widely expected. No. of shares (m) 1,357.4

Free float (%) 45.5

Small estimate revisions Av. daily volume (k) 638

We make only small estimate revisions, reducing sales and adj. EBITA by

0-1% over our forecast period, while this year is affected by slightly higher

Next event Q3 report 1 July 2026non-recurring items for structural charges.

PerformanceLeverage remains elevated, and market muted: HOLD