While we still find the top-down story for the Nordic consumer in 2025 attractive, global turmoil has resulted in a more cautious consumer in Q1, we believe. Thus, we lower our FY25 sales estimates by 1% driven by slightly lower AOV and order growth assumptions in Q1. This does not alter our view on the long-term investment case in Nelly, and we reiterate our mid-point equity value of SEK 48 per share with a range of SEK 36-60.
LÄS MER
