Nelly delivered a decent Q4 report in our view with c. 20% organic sales growth (sales 5% ahead of SEBe) and 32% EBIT growth (c. 10% below SEBe). However, with a challenging consumer market, tougher comparison bases and an increasingly investment-heavy phase ahead, we update our sales and earnings estimates to reflect a more challenging near-term growth and margin backdrop. Our new fair value mid-point is SEK 100 (124) per share.
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