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We argue the pending removal of pandemic restrictions on social events should also bolster a return to historical levels of private-label sales at Nelly (occasional wear is its most important product category). The corresponding gross margin increase, in combination with SEK 35m in savings from its new and automated DC, drives our earnings forecasts in 2022 onwards. Based on sales growth and margin expansion we reiterate our midpoint DCF of SEK 55.
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