Duell - Reverse share split
The Duell AGM was held on November 20, 2024, where a decision was passed regarding the reverse split, the plans for which were published earlier in October. In the split, each existing 200 shares will correspond to one share in the company. We update our TP to EUR 9.0 (prev. EUR 0.045) to match the new share count.
- Following the reverse share split, the number of shares will decrease from 1.0b to 5.2 million shares.
- From today, 25th of November 2024, the share price will reflect the effect of the reverse share split.
- We revise our TP to EUR 9.0 (prev. EUR 0.045), recommendation remains at BUY.
- We have updated our model regarding the new share count and the change in TP is purely technical.
- The AGM also determined that no dividend will be distributed, in line with our estimate.
- Duell will release its Q1/25 (9/24-11/24) business review on January 16th, 2025, and we will provide our preview comments prior to the Q1/25 print.
- According to our understanding, the market has remained challenging yet some of the company’s clients are clearly starting to increase their inventory levels.
- We assume that the winter demand has been delayed this year compared to an early start in FY 2024 due to the weather conditions.