Ahead of Nelly's (a leading online retailer of younger womens' fashion) Q3 results due on 27 October, we leave our forecasts unchanged and we reiterate our mid-point equity value of SEK 18. This implies that Nelly will record another marked y/y improvement in quarterly EBIT, corroborating its new strategy prioritising profitability over growth. Since its Q2 report the shares have added 151%. Still, Nelly is being valued at 0.20x our 2024 lease-adjusted EV/Sales estimates.
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