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SENASTE
Following stronger-than-expected Q4 cash flow and earnings, we mainly lift our margin assumptions over our forecast period (2024-26). We raise our mid-point equity value from SEK 23 to SEK 29 (range of SEK 22-36). Clearly, Nelly Group’s strategic measures (tightened assortment, churning unprofitable volumes) are feeding through the P&L. From this new revenue base, we argue margins will increasingly be driven by sales growth in 2024.
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