On back of better-than-expected Q4 results and including new savings of SEK 20m in 2023-24, we have upgraded our earnings forecasts despite having downgraded sales to reflect strategic changes to its assortment. Not including the pending gross SEK 50m rights issue announced in connection with the results, we maintain our SEK 25 mid-point equity value per share. We reckon Nelly is valued at 0.3x our EV/Sales estimates in 2023-25.
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