We expect Q1 trading to be challenging based on site traffic and market sales data for January and February. Based on revised forecasts we set our new mid-point equity value at SEK 15 (TERP-based at SEK 11). Nelly Group, a leading online retailer targeting the younger women’s segment of the fashion market, has announced a pending new issue grossing SEK 53m (12m new shares). We do not include this ongoing new issue in our forecasts yet.
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