olivLaw · European equity research
Duni AB DUNI.ST
Sweden · Nasdaq Stockholm · ISIN SE0000616716 · Vertical: Listed companies from Sweden
Duni AB, through the Duni Group, makes table-service products and food packaging, with a strong sustainability profile. For 2024 the group reported net sales of 3 168 MSEK, and food packaging solutions accounted for about 42 % of group net sales, as demand for reusable solutions gains ground.
At the close of 05 Nov 2026, Duni AB (DUNI.ST) stock was 68.40 SEK (+0.29% on the day), with market capitalisation 3.2 bn SEK, P/E 10.3 on diluted EPS of 6.64 SEK over the last 12 months, dividend yield 7.33%, beta 0.43, 52-week range 66.90–107.80 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 34.6
- weak (30–45)
- Bollinger (20, 2)
- 64.98 – 77.92
- in the lower half of the band · %B 0.26 · band width 18.1%
- SMA 50 / 200
- 74.49 / 84.70
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -2.10 / -1.81
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.2% | −0.6% | −7.5 pp | — |
| 3 months | −13.4% | −4.2% | −9.2 pp | — |
| 6 months | −23.5% | +4.3% | −27.8 pp | — |
| Year to date | −35.0% | +7.5% | −42.5 pp | — |
| 1 year | −33.3% | +9.9% | −43.3 pp | −8.5% |
| 3 years | −35.1% | +49.8% | −84.9 pp | +12.3% |
| 5 years | −42.6% | +42.8% | −85.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 4-quarter history (min 12.5, median 16.5, max 20.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 7.0 bn | 7.7 bn | 7.6 bn | 7.7 bn |
| Revenue YoY | unavailable | +10.6% | −1.8% | +1.4% |
| Net income | 200.0 m | 390.0 m | 257.0 m | 312.0 m |
| Net income YoY | unavailable | +95.0% | −34.1% | +21.4% |
| Diluted EPS | 4.25 | 8.30 | 5.48 | 6.64 |
| Diluted EPS YoY | unavailable | +95.3% | −34.0% | +21.2% |
| net % | 2.9% | 5.1% | 3.4% | 4.1% |
| Free cash flow | -62.0 m | 1.0 bn | 239.0 m | 244.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 331.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 4.0 bn SEK
- Total assets
- 8.1 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 1.68x
- ROE
- 7.6%
- ROA
- 4.0%
- FCF margin
- 3.2%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 7.0 bn | 7.7 bn | 7.6 bn | 7.7 bn | esef· 28 Oct 2026verified |
| Cost of revenue | 5.7 bn | 5.9 bn | 5.8 bn | 5.8 bn | esef· 28 Oct 2026verified |
| Gross profit | 1.3 bn | 1.8 bn | 1.7 bn | 1.9 bn | esef· 28 Oct 2026verified |
| Research & development | 4.0 m | 36.0 m | 38.0 m | 28.0 m | esef· 28 Oct 2026verified |
| Operating income | 326.0 m | 648.0 m | 412.0 m | 477.0 m | esef· 28 Oct 2026verified |
| Interest expense | 56.0 m | 73.0 m | 67.0 m | 47.0 m | esef· 28 Oct 2026verified |
| Pre-tax income | 283.0 m | 593.0 m | 355.0 m | 430.0 m | esef· 28 Oct 2026verified |
| Income tax | 82.0 m | 150.0 m | 77.0 m | 106.0 m | esef· 28 Oct 2026verified |
| Net income | 200.0 m | 390.0 m | 257.0 m | 312.0 m | esef· 28 Oct 2026verified |
| Diluted EPS | 4.25 | 8.30 | 5.48 | 6.64 | esef· 28 Oct 2026verified |
| Dividend per share | 0.00 | 3.00 | 5.01 | — | esef· 08 May 2025derived |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 372.0 m | 488.0 m | 323.0 m | 331.0 m | esef· 28 Oct 2026verified |
| Inventories | 1.7 bn | 1.3 bn | 1.5 bn | 1.4 bn | esef· 28 Oct 2026verified |
| Current assets | 3.5 bn | 3.1 bn | 3.2 bn | 3.2 bn | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 1.1 bn | 1.2 bn | 1.1 bn | 1.2 bn | esef· 28 Oct 2026verified |
| Goodwill | 2.1 bn | 2.1 bn | 2.4 bn | 2.7 bn | esef· 28 Oct 2026verified |
| Intangibles (excl. goodwill) | — | — | 311.0 m | 487.0 m | esef· 28 Oct 2026verified |
| Total assets | 7.3 bn | 6.9 bn | 7.6 bn | 8.1 bn | esef· 28 Oct 2026verified |
| Current liabilities | 2.1 bn | 2.0 bn | 2.2 bn | 1.9 bn | esef· 28 Oct 2026verified |
| Equity | 3.7 bn | 4.0 bn | 4.2 bn | 4.0 bn | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 47.1 m | 47.0 m | 46.9 m | 47.0 m | esef· 28 Oct 2026derived |
Cash flow · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 48.0 m | 1.2 bn | 437.0 m | 437.0 m | esef· 28 Oct 2026verified |
| Capex | 110.0 m | 150.0 m | 198.0 m | 193.0 m | esef· 28 Oct 2026verified |
| Free cash flow | -62.0 m ≈ | 1.0 bn ≈ | 239.0 m ≈ | 244.0 m ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | 208.0 m | -171.0 m | -458.0 m | -797.0 m | esef· 28 Oct 2026verified |
| Financing cash flow | -298.0 m | -893.0 m | -144.0 m | 382.0 m | esef· 28 Oct 2026verified |
| Dividends paid | 0 | 141.0 m | 235.0 m | — | esef· 08 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 76 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.2 bn SEK
Key indicators
Coverage and freshness
Score by group
- Returns74
- Growth64
- Balance sheet89
- Valuation91
- Quality58
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 76/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.1% | 47 (vs peers) | 9% |
| FCF conversion · Quality | 78.2% | 69 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 3.3% | 27 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | 16.0% | 100 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 10.1x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.7x | 73 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 10.3x | 88 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.6% | 95 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 7.3% | 100 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 96.3% | 34 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet89/100 · 2/3 factors with a value
- Growth64/100 · 2/2 factors with a value
- Quality58/100 · 2/3 factors with a value
- Returns74/100 · 2/2 factors with a value
- Valuation91/100 · 2/3 factors with a value
Memo
Duni AB (DUNI.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.7 bn SEK in 2025; YoY growth 1.4%; net margin 4.1%; ROE 9.0%.
The estimated value range is 76.10–142.53 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 97.80 SEK, the price of 68.40 SEK leaves a potential of 43.0% (value / price − 1) and a margin of safety of 30.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 76/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 16.0%
- Interest coverage: 10.1x
- Current ratio: 1.7x
- P/E (TTM): 10.3x
- FCF yield: 7.6%
- Shareholder yield (distributions): 7.3%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: 3.3%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| DUNI.STDuni AB | 3.2 bn | 10.3 | 9.0% | 4.1% | +1.4% | −31% / −35% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
1- and 3-year price returns: for DUNI.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 39.93 Total return -36% · Per year -36% | 70.64 Total return 11% · Per year 11% | 106.47 Total return 65% · Per year 65% |
| 3 years | 37.81 Total return -28% · Per year -10% | 75.35 Total return 34% · Per year 10% | 124.82 Total return 112% · Per year 29% |
| 5 years | 35.80 Total return -21% · Per year -5% | 80.37 Total return 58% · Per year 10% | 146.35 Total return 168% · Per year 22% |
- Exit P/E± 18.84
- Net margin± 13.19
- Annual revenue growth± 10.95
- Annual dilution± 1.11
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Duni AB, through the Duni Group, makes table-service products and food packaging, with a strong sustainability profile. For 2024 the group reported net sales of 3 168 MSEK 1, and food packaging solutions accounted for about 42 % of group net sales 1, as demand for reusable solutions gains ground.
SWOT
Strengths
- The group has a solid sustainability position, with a platinum EcoVadis score and a high share of FSC® certified products, supporting relationships with institutional customers.
- The portfolio includes strategic reuse acquisitions, such as Relevo and Huskee, which diversify the offer from single-use products to circular systems.
- The group is present in several regions, including Europe, Australia and New Zealand, which reduces dependence on a single market.
Weaknesses
- The operating margin is modest, leaving little room to absorb raw material or energy cost shocks.
- Dependence on virgin fossil plastic remains significant, although its share has fallen, and full replacement takes time and investment.
- Collecting data from the value chain is difficult, and the quality of information on indirect emissions is still limited, according to the report.
Opportunities
- Reuse regulation in several countries could create new demand for the Relevo and Huskee systems.
- Customers seeking detailed carbon footprint data could favour suppliers offering transparent calculators and certifications.
- Expanding Decent Packaging in global markets could bring new customers among restaurants and cafés in Europe and North America.
Threats
- A retreat of the European sustainability agenda could reduce the regulatory pressure supporting eco-friendly products.
- Higher financing costs and inflation could weigh on margins and on investment in new production capacity.
- Competition from cheaper virgin-plastic packaging producers could limit price increases for eco-friendly solutions.
Risks
- Thin operating marginmedium
The operating margin of 3.9 % leaves limited room to offset cost increases, which could affect results if prices cannot be passed on to customers.
- Raw material dependencemedium
The cost and availability of virgin fossil plastic, recycled or bio-based materials directly influence production costs, and the source notes limited access to recycled or bio-based plastic.
- Regulatory changehigh
Changes in EU sustainability policy could alter demand for reusable products and for the detailed reporting required under CSRD.
- Integration of acquisitionsmedium
Integrating Relevo, Huskee and Decent Packaging into the group could face operational and organisational culture difficulties, with effects on results.
- Value chain data qualitylow
Information on upstream and downstream emissions is often estimated, which could limit the accuracy of reporting and the credibility of climate targets.
Investment thesis
What would need to be true (bull case)
- If reuse regulation expands across more countries, the Relevo and Huskee businesses could become long-term growth drivers.
- Sustainability certifications and transparency tools could strengthen the group's position with institutional customers who require verifiable data.
- Geographic diversification through BioPak Group could reduce the risks of relying on a single market and open access to new sales channels.
What would break the thesis
- If margins stay at the low 2024 level, the group could struggle to finance investment in reuse and alternative materials.
- A retreat of the European sustainability agenda could reduce demand for premium products in favour of cheaper options.
- Recent acquisitions carry integration risks, and financial benefits could be delayed if synergies do not materialise quickly.
What to watch
- Development of the group's operating margin against the 3.9 % level of 2024Q1 2026
- Growth pace of the Relevo and Huskee businesses and the number of new customers2026
- Target to reduce virgin fossil plastic use by 2025 and its achievement2025
- Update of the sustainability strategy and key indicators announced for 2025next annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Duni Group operates mainly in two segments, Dining solutions and Food packaging solutions, offering table-service products for restaurants, cafés, the public sector and events, as well as food packaging for on-site consumption and take-away 1. In 2024 the group reported net sales of 3 168 MSEK and an operating result of 125 MSEK, with an operating margin of 3.9 % 1. The group expanded through acquiring a majority stake in Germany's Relevo, Australia's Huskee and New Zealand's Decent Packaging, which is part of BioPak Group 1.
Segments
Food packaging solutions
The food packaging segment accounted for about 42 % of group net sales in 2024, while the operating margin for the whole group was 3.9 % 1. Products include solutions for fast casual, cafés, fast food, the public sector and catering, such as ReDine, Alga and Liplid, launched in 2024 1.
Dining solutions
The Dining solutions segment covers table-service products, with a focus on single-use items and FSC® certification, which reached 98 % of the segment's products in 2024 1. The source does not give a separate sales figure for this segment.
Market context
The market for packaging and serving products is shaped by reuse regulation, customer demand for transparency and raw material costs. The report notes that Germany introduced rules in 2023 requiring restaurants to offer reusable alternatives, which increased the relevance of Relevo's business 1. The source however describes the shift to reuse as a long-term process rather than a market that will fully develop within a decade 1.
Trends
- Circular economy and reusetailwind
Regulation in Germany and demand for reusable packaging open opportunities for Relevo and other reuse businesses in the portfolio, if customer adoption continues 1.
- Pressure on sustainability ambitionsheadwind
The report mentions discussions about partly moving away from the EU's ambitious sustainability agenda after the European elections, which could slow demand for green solutions 1.
- Economic constraints and costsheadwind
Interest rates, inflationary pressure and difficult economic conditions have raised attention on financial sustainability, and the group is working to protect its margins 1.
- Demand for transparency and datamixed
Customers increasingly ask for detailed information about products and supply chains, and the group has developed a CO2 calculator for packaging and science-based targets, which could support differentiation 1.
Competitive position
The source does not explicitly name competitors of Duni Group, so the competitors listed here are limited to entities mentioned in the report. The serving and packaging market is fragmented, with regional and global players, and Duni's position depends on its ability to combine its traditional range with reusable solutions and sustainability certifications 1.
- BioPak Group
Australian group to which Huskee and Decent Packaging belong, mentioned in the report as part of the Duni portfolio rather than as a direct competitor.
- Relevo
German reuse packaging company, majority acquired by Duni Group in 2024, active in Germany, Austria and Switzerland.
- Huskee
Australian company making reusable and waste-based products, acquired in 2024 and integrated into BioPak Group.
- Decent Packaging
New Zealand company with plant-based packaging products, B Corp certified, which joined BioPak Group in 2024.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Duni AB · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.