G5 suffered from unfavourable mix effects and increasing costs in Q2/22: adding market turbulence and a return to pre-pandemic marketing seasonality to the mix and the company reported EBIT 94% below consensus. We have cut our EBIT estimates for 2022-24 by 17-11%, reflecting a cautious approach to the short-term where we think highlighted headwinds could remain. Thus, we find a new DCF-based mid-point of SEK 345 (SEK 390).

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