As far as I can judge will continue with dividends. delicatessen Significant risk to the Company

Duni has three business areas: Professional, Retail and Tissue. Professional is the most important in terms of turnover and profits by an average of over two-thirds of sales. Sales are geared toward hotels, restaurants and catering firms. Sales are made primarily through customer visits, where they then hope to build long-term relationships. Retail has similar products that Professional but in such less packaging and is geared toward individuals. delicatessen Sales are made primarily through chains such as ICA, Tesco or Carrefour. Tissue produces delicatessen tissue delicatessen that forms the base of many of Duni's products. Half of the production goes to its own products, half to external customers such as for the manufacture of various types of sanitary products Central Europe, mainly Germany, and Scandinavia, the company's principal geographic markets. Product-wise, see picture below.
Large, mid or small cap or equivalent in any of the Nordic exchanges. Yes Duni is listed on midcap. Owner Rune Andersson Mellbygatan Farm owns 30% of shares. I have full confidence Mellbygatan Farm as long-term owners. Provides company and it is expected to pay dividends? Yes the company delicatessen gives dividends and has done so ever since its launch in 2007 (note that Duni not been listed for very long). They have grown steadily over time and never been cut since it started with them. The dividend delicatessen for 2011 ended at 3.50 / share.
As far as I can judge will continue with dividends. delicatessen Significant risk to the Company's business is strongly influenced by external factors such as commodity prices, interest rate changes, political decisions, delicatessen and stock market fluctuations? It shows a fairly stable business, in all cases, since the listing. Cost-wise, you should pulp prices could affect some but historically, Duni has nevertheless managed to maintain reasonable margins regardless pulp prices. The large exposure to restaurants, hotels, etc. should surely be cyclical but I can not say that sales have fluctuated somewhat significantly since listing. delicatessen My assessment is based on the few years I looked at Duni's case, that the company meets the criterion. Is the company dependent on innovative product? Some product development is, of course, but not in a way that is meant by the criterion. Proven ability to turn a profit through high and recession, or at least shown the ability to pay dividends during such periods Yes, in all cases, since the listing. 2007 profits delicatessen looks abnormally high out. It's the first half that sticks out there, before the note (EQT tidied up accounting delicatessen figures prior to the listing?). I therefore unchecked in 2007 and expects that 2008-2011 will represent the company's more normal earnings capacity. 4-year average profit is then 5.85 / share.
Distribution and growth requirements ROE four-year average is 14.9% Equity is at 44.30 / share (2011) The structure of the equity has been fairly stable. In 5 years it has grown by over 50%. The dividend yield is currently 6.6% and dividend growth has been healthy ever since listing. However, I do not expect that trend to continue from current levels as the company's profits have not followed up with the same way.
The Company manages criterion. Management Fredrik von Oelreich's CEO. Anders Bulow is chairman. EQT owned Duni from 1997 to 2007 and was meanwhile a problem delicatessen child with a number of CEO changes. They tried a long time to sell the company, but without success. Fredrik von Oelreich was at the helm to get Duni working condition for sale / listing. Evidently he succeeded. Margins improved and business got more focus on the premium segment instead of competing with such department stores' own cheap brands. I have not found any reason to distrust management. Information available Yes. Moreover, one can self-test the company's products, if you like. Market power and market situation Duni controls large parts of the value chain (product development, production, marketing and sales) for many of the products. Production of tissue paper so that eg napkins and tablecloths are made in Sweden. Production of finished tableware is made in Germany and Poland. delicatessen B T he compan y dealing with, in my opinion, quite a boring activity. They are followed in all cases, not by the media with intense coverage around the latest product launch. It's a good sign. The competition in the discount segment seems to be very hard. The main market for Duni should therefore continue to be against the so-called professional users. Here comes the time to build strong customer relationships and provide good service, so you not only have to compete on price. The growth potential is however more limited in that segment at present. Maybe if they manage to capture market share in new geographic markets, maybe not. Right now, the emphasis is on trying to expand in southern and eastern Europe. At the moment I can not say what any "edge" you have or if you seem to have required