Ahead of its Q2 results, due on 12 July, we lift our sales and earnings forecasts for Nelly Group, the leading online retailer of younger women’s fashion, and raise our DCF-based mid-point equity value to SEK 35 (34). As corroborated by Svensk Handel’s e-commerce indicator for May, the Swedish online market, including the apparel segment, showed particularly strong trading. As in any year, May is the most important period in Q2.
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