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SENASTE
Nelly Group, the online apparel retailer, reports strong Q3 EBIT of SEK 25m versus our SEK 17m estimate. Gross margin of 54.5% are up 3.9pp y/y, suggesting good product and sell-through management, as well as lower return rates. Reported EBIT corresponds to a 10.5% margin; levels rarely recorded in online apparel retail. Q3 deviations correspond to a mechanical upgrade of 10% to our FY 2024 EBIT forecasts. Our current mid-point equity value is SEK 35 per share.
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