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SENASTE
Nelly delivered Q4 sales and EBIT that bettered our forecasts. We see margin potential ahead from its strategic decision to focus on its Nordic core markets (its unprofitable European sales are largely replaced with Zalando’s platform) and the pending automation of its new DC that should drive fulfilment cost per unit down and add to gross margins. We upgrade our earnings forecasts and we reiterate our midpoint DCF of SEK 55 per share.
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