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SENASTE
Nelly Group’s strategic shift, to focusing on lifting margins and profitability over volume growth, is progressing well, as corroborated by strong and better-than-expected Q3 earnings. The gross margin (+9pp y/y) and cost management bolstered EBIT, at SEK 13m (up from LBIT of SEK 12m a year ago). In particular, a higher share of private label sales should continue to add to margins ahead, we argue. We raise our mid-point value to SEK 23 (18).
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