Ahead of Q3 results (due: 20 October, at 08.00 CET), we reiterate our forecasts and our SEK 55 DCF-based midpoint equity value stands. While summer trading has bounced y/y according to STILindex (from historically low levels due to the pandemic), this risks being markdown-driven growth. As guided, Nelly will also charge the brunt of automation costs (for its new DC) to its Q3 P&L. In all, we expect sales growth of about 5% y/y and adjusted EBIT of SEK 13m (4% of sales).
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