Duni AB (DUNI) AI Stock Analysis

• Market Cap: kr4.60B
• Dividend Yield: 4.83%
• Average Volume (3M): 33.72K
• Price to Earnings (P/E): 14.7
• Beta (1Y): 0.40
• Revenue Growth: 3.79%
• EPS Growth: 39.15%
• Country: SE
• Employees: 2,717
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Household & Personal Products
• EPS (TTM): 1.96
• Shares Outstanding: 46,999,030
• 10 Day Avg. Volume: 32,003
• 30 Day Avg. Volume: 33,717
• PEG Ratio: 0.74
• Price to Book (P/B): 1.45
• Price to Sales (P/S): 0.64
• P/FCF Ratio: 26.58
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: kr115.00
• Price Target Upside: 8.70% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 8.07
• Revenue Forecast (FY): kr7.99B

• Rating: 62 Neutral
• Price Target: kr107.00 ▲(1.13% Upside)
• Action: Downgraded Date: 02/08/26
• Date: Action: Downgraded 02/08/26

The score is driven mainly by financial performance: improved profitability is offset by weaker free cash flow and higher leverage, alongside limited revenue momentum. Valuation is supportive due to a reasonable P/E and a strong dividend yield, while technicals are mixed with near-term weakness despite an intact longer-term trend.

Positive Factors

Recurring consumable business model

Duni sells consumable table-top, paper and foodservice packaging products to professional and retail channels, generating recurring replenishment demand. This creates steady revenue patterns tied to foodservice volumes and reduces reliance on one-time sales, supporting durable cash inflows over months.

Sustainability-led product mix

A strategic emphasis on compostable and renewable packaging aligns Duni with structural substitution away from conventional plastics. Sustainability-driven product positioning supports longer-term demand from restaurants and retailers seeking regulatory compliance and ESG improvements, bolstering market relevance.

Improving profitability and solid ROE

Recent margin recovery and higher operating profit drove a better profitability profile, reflected in improved ROE (~9.2%). Sustained margin improvement supports internal funding capacity and return generation, helping fund investments and dividends if the trend continues across quarters.

Negative Factors

Falling free cash flow

A sharp drop in free cash flow and weak cash conversion versus net income reduce the company’s internal flexibility for capex, debt repayment and dividends. Persistent lower FCF raises refinancing and operational risk if margins or working capital worsen over the medium term.

Limited revenue momentum

Sequentially muted top-line growth constrains scalability of fixed-cost leverage and limits long-term margin expansion. Continued flat or slightly declining revenue makes earnings gains more dependent on cost actions or mix shifts rather than durable volume-driven growth.

Rising leverage

A notable step-up in leverage reduces financial flexibility and raises vulnerability to cyclical downturns or input-cost shocks. Higher indebtedness increases interest and refinancing risk and limits ability to fund strategic initiatives without further weakening the balance sheet.

Duni AB Business Overview & Revenue Model

Company Description

Duni AB (publ) develops, manufactures, and sells concepts and products for the serving and packaging of meals. The company's products include napkins, table coverings, take away boxes and bowls, take away bags and wraps, plates, amuse bouche, cutlery, and cups and glasses; and candles, LED, dining accessories, accessories, duniform sealable packaging, hygiene, and gift bags and wrappings. It offers products of the set table through its brands Duni; and durable packaging and other products for take-away through BioPak brand. The company offers its products to hotels, restaurants, catering, and retail outlets; and fast food, café, and take-away. Duni AB (publ) was founded in 1949 and is headquartered in Malmö, Sweden.

How the Company Makes Money

Duni AB generates revenue through multiple key streams, primarily by selling its range of disposable tableware and food packaging products to various sectors, including food service, retail, and catering. The company capitalizes on its commitment to sustainability by offering eco-friendly products made from renewable materials, which appeals to a growing segment of environmentally conscious consumers and businesses. Additionally, Duni's revenue model is supported by strategic partnerships with distributors and retailers, allowing for widespread product availability. The company also engages in innovation and product development, continually enhancing its offerings to meet market demands and trends, thereby contributing to its overall earnings.

Duni AB Financial Statement Overview

Summary

Profitability improved versus 2024, but revenue has been slightly declining and margins remain below the 2023 peak. Balance sheet leverage rose notably in 2025 (higher debt, higher debt-to-equity), and free cash flow fell sharply with weak cash conversion versus net income—key risks that cap the score.

Income Statement

Revenue has been broadly flat to slightly down recently (2025: -1.17% after a similarly small decline in 2024), but profitability improved versus 2024 with higher gross profit and stronger operating profit. That said, margins remain below the 2023 peak (net margin ~4.1% in 2025 vs ~5.1% in 2023), indicating some pressure from costs and/or pricing mix. Overall, the income statement shows decent profitability and recovery from earlier years, but limited top-line momentum and some margin volatility.

Balance Sheet

Leverage is moderate, but it has risen notably in 2025: debt increased and the debt-to-equity ratio moved up to ~0.53 (from ~0.32 in 2024). Equity remains sizable (~SEK 3.4B) and returns on equity are solid for the latest year (~9.2%), improving from 2024, though still below 2023 (~11.4%). The balance sheet looks serviceable, but the recent step-up in debt reduces financial flexibility if earnings soften.

Cash Flow

Cash generation is mixed. Operating cash flow was steady at ~SEK 437M in both 2024 and 2025, but free cash flow declined to ~SEK 186M in 2025 (down ~45% year over year), and free cash flow covered less than half of net income (~0.43x) in 2025. The company has shown it can generate strong cash in some years (notably 2023), but the recent drop in free cash flow and weaker conversion of earnings into cash is a key watch item.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.68B	7.58B	7.72B	6.98B	5.06B
Gross Profit	1.88B	1.73B	1.72B	1.19B	929.00M
EBITDA	792.00M	695.00M	948.00M	621.00M	430.00M
Net Income	312.00M	257.00M	390.00M	200.00M	76.00M
Balance Sheet
Total Assets	8.06B	7.57B	6.91B	7.34B	6.40B
Cash, Cash Equivalents and Short-Term Investments	331.00M	323.00M	488.00M	372.00M	396.00M
Total Debt	1.80B	1.11B	952.00M	1.57B	1.61B
Total Liabilities	4.02B	3.36B	2.93B	3.60B	3.68B
Stockholders Equity	3.40B	3.51B	3.42B	3.21B	2.63B
Cash Flow
Free Cash Flow	186.00M	221.00M	1.02B	-83.00M	-11.00M
Operating Cash Flow	437.00M	437.00M	1.19B	48.00M	66.00M
Investing Cash Flow	-797.00M	-458.00M	-171.00M	208.00M	-104.00M
Financing Cash Flow	382.00M	-144.00M	-893.00M	-298.00M	64.00M

Duni AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 105.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:DUNI, the sentiment is Neutral. The current price of 105.8 is above the 20-day moving average (MA) of 98.97, above the 50-day MA of 102.16, and above the 200-day MA of 96.03, indicating a neutral trend. The MACD of -1.47 indicates Negative momentum. The RSI at 44.54 is Neutral, neither overbought nor oversold. The STOCH value of 82.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:DUNI.

Duni AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CLA.B	70 Outperform	kr15.12B	18.86	12.72%	2.74%	0.81%	57.02%
ESSITY.B	67 Neutral	kr198.11B	15.64	14.26%	3.13%	-1.91%	-40.37%
ESSITY.A	65 Neutral	kr198.11B	15.65	―	3.14%	-1.91%	-40.37%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
DUNI	62 Neutral	kr4.60B	14.75	9.65%	4.83%	3.79%	39.15%
MSON.B	58 Neutral	kr1.64B	164.24	-0.17%	2.34%	-2.95%	-112.90%
SCST	55 Neutral	kr8.48B	23.13	―	2.56%	7.37%	2.90%

Duni AB Corporate Events

Duni Group Lifts Full-Year Sales on Acquisitions but Margins Squeezed by Weak Restaurant Market

Duni Group reported higher full-year 2025 net sales of SEK 7,685 million, up 1.4% (6.0% at constant currencies), driven primarily by three acquisitions – Poppies, LinePack and ByGreen – even as organic growth declined and operating income slipped to SEK 560 million amid weak global restaurant demand and currency headwinds. Fourth-quarter sales fell 4.5% to SEK 1,965 million (up 1.5% at constant currencies) and operating income eased to SEK 162 million, with Dining Solutions pressured by negative mix and FX effects while Food Packaging Solutions improved profitability on a better product mix and lower logistics costs; the board maintained a SEK 5.00 per-share dividend, and management signaled confidence for 2026, highlighting efficiency measures, a more scalable commercial organization, and new growth, dividend and sustainability targets as positioning the group to benefit when market conditions, including Germany’s lower restaurant VAT, improve.

The most recent analyst rating on (SE:DUNI) stock is a Buy with a SEK121.00 price target. To see the full list of analyst forecasts on Duni AB stock, see the SE:DUNI Stock Forecast page.

Duni AB to Present 2025 Year-End Results via Teleconference and Webcast

Duni AB has announced that it will publish its year-end report for the period 1 January to 31 December 2025 on Friday, 6 February at 7:45 a.m. CET. The company will present the results the same day at 10:00 a.m. CET via a telephone conference that can also be followed through a live webcast, allowing investors and other stakeholders to register online for access to the audio call and streaming presentation.

The most recent analyst rating on (SE:DUNI) stock is a Buy with a SEK121.00 price target. To see the full list of analyst forecasts on Duni AB stock, see the SE:DUNI Stock Forecast page.