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Nelly Group: RI terms announced - prospective TERP-based mid-point of SEK 16.90 - SEB

Nelly Group, a leading online retailer, focusing on the younger (15-25ys) women's segment of the market, this morning announced the terms for its pending rights issue aiming at grossing SEK 53m. Here, we calculate the TERP at SEK 6.90, based on a total of about 12m new shares being issued at a subscription price per share of SEK 4.42. Adjusting our current DCF-based mid-point equity value of SEK 25 for these terms, we estimate our TERP-based mid-point would equal SEK 16.90.

Nelly Group, a leading online retailer, focusing on the younger (15-25ys) women's segment of the market, this morning announced the terms for its pending rights issue aiming at grossing SEK 53m. Here, we calculate the TERP at SEK 6.90, based on a total of about 12m new shares being issued at a subscription price per share of SEK 4.42. Adjusting our current DCF-based mid-point equity value of SEK 25 for these terms, we estimate our TERP-based mid-point would equal SEK 16.90.
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