We reckon H2 this year will mark the start of an overhaul of Nelly’s business aiming at savings (staffing, IT/systems) and with a clear focus to drive profitability, rather than growth. Mr Ludvig Andersson returns as CEO on 22 August. Meanwhile the online market remains sluggish and we lower our estimates to reflect negative growth in H2 and rather flat sales next year. We lower our revised DCF-based mid-point equity value to SEK 27 (32).
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