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SENASTE
Nelly Group, the leading online retailer in its 15-25-year women target segment of the fashion market, reported Q3 sales and an adjusted LBIT well below our forecasts. Following a weak start to the period, burdening organic search, marketing spend was increased substantially (above our estimates). While lowering our 2021 assumptions, we leave our 2022-23 EBIT estimates broadly unchanged. We reiterate our SEK 55 mid-point DCF value.
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