We lower our EPS estimates 2% following the 2% Q2 revenue miss. We found Hemtex revenue (9%/5% below ARCe/Cons) particularly disappointing in light of our impression of higher discretionary spending in Sweden based on recent peer commentary. Looking ahead, we note that consensus expects a growth acceleration in H2, which may materialize – but we continue to believe that the cost base in consensus is too low, leaving us 6-10% below consensus EPS for 2025-2027e. Combined with an ATH NTM P/E at 15x ....
