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After Q3 results that showed Nelly Group EBIT broadly doubling y/y, beating our estimates, we upgrade our corresponding forecasts in 2024-26 by an average of 10%. Nelly, the online apparel retailer, targeting the younger women’s fashion segment, continues to execute on its strategic decision to prioritise margins over volumes. We raise our mid-point equity value to SEK 40 (35) per share: a prospective 2025E EV/EBIT of 13x.
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