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DUNI
More than a logistics problem. Five quarters of negative organic growth, downtrading in Dining and a turbulent logistics transition have pushed the recovery back again. A recovery is plausible, but plausibility alone is not a reason to stay invested. Sell.
Consumer Discretionary
ASMDEE B · Consumer Discretionary
Pokémon's boom is far from over. The 30th-anniversary releases, a Star Wars: Unlimited timing shift and the ATM Gaming acquisition set up strong second and third quarters, and trading cards keep Asmodee growing well ahead of the tabletop market. At 13.0x forward EV/adjusted EBIT the earnings upside is not yet priced in. Buy.
NELLY · Consumer Discretionary
Cheap, but for a reason. Private label has lifted the gross margin into the mid-50s, but a largely fixed cost base turned modest sales declines into sharp earnings falls in 2026, and both the CEO and CFO are leaving. The valuation is undemanding, yet the long-term growth drivers are not there. Sell.
