While Q1 trading was difficult, reflecting prevailing macroeconomic trends (declining consumer spending, cost inflation), we argue Nelly Group’s strategy to tighten its assortment, including focusing on an increasing share of private label sales and reducing return rates, should also result in a higher margin company over our forecast period. Including its 12 million new share issue, we set our new mid-point value at SEK 11 (TERP-based mid-point: SEK 11).
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