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SENASTE
From better-than-expected Q2 financials we raise our EBIT estimates by 5-8% for 2024E-26E. We reiterate our SEK 35 DCF-based mid-point equity value, implying a prospective 2024E EV/Sales of c. 0.80x. Nelly Group’s strategic decision to prioritise profitability over growth continues to feed through the P&L resulting in a 12-month trailing EBIT margin of 6.4% in Q2 – the highest on record so far. We now forecast 2024E-26E EBIT to exceed 7% of sales.
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