Duni AB (publ) (DUNI.ST) fair value

ACCE thesis

Duni makes airlaid paper napkins, tablecloths, and tableware for the foodservice trade, with its Duni Dinner and Creative Dining lines serving restaurants and hotels across Europe. The case rests on scale in a niche where customers buy on consistency of supply and order size, not price alone, and on a dining-out recovery that has not yet shown up in the top line. Revenue fell 3.2% over the last year, and operating margin of 1.7% against a 23.9% gross margin shows how much cost pressure is sitting between the two. The stock trades on 9.2x forward earnings against 17.1x trailing, so the market is pricing in a meaningful earnings rebound that the reported numbers do not yet confirm. A portfolio manager should check whether that gap reflects real margin repair in the foodservice segment or optimism that the trailing year understates. With ROE at 5.6% and no index membership, this is a small, under-followed name that merits a deeper look only if the margin recovery is visible in the segment data.