Following a 14% share price decline over the past month, we note that the market capitalization in Nelly Group now equates to its assets and its net cash position (totalling about SEK 500m). We believe its strategic decision to implement a fully automated DC solution from AutoStore over the last year should improve efficiencies and bolster 2022 group EBIT by about SEK 35m. We reiterate our midpoint equity value of SEK 55 per share.
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