We also saw a significant increase in the value of Eastnine’s share of Melon Fashion Group, which rose EUR 22.1m, or 39% q/q, due to a lower WACC and an improved sales outlook. EPRA NAV was EUR 14.6 per share (SEK 147 at spot EUR/SEK), 12% above our estimate of EUR 13.1. We increase our SOTP-based fair value range for Eastnine to SEK 130-169 (117-150) per share.
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