Redeye lowers its valuation of Fuud after a somewhat weak Q2 2022 report on both the top and bottom lines. Sales were softer than we expected and there seem to be problems getting the products off the shelf at a time when costs are higher. However, the new distribution agreement with Lohilo might be just what Fuud needs right now: a strong partner to boost its sales. We cut our Base Case by 32% to SEK 0.32 (0.47).

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