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SENASTE
Nelly's Q4 EBIT of SEK 24m (SEBE: SEK 18m) corresponds to a solid 8% margin (SEBE: 5%). These results reflect its strategic overhaul, tightening assortments within its categories and focusing on gross margins. Here, Q4 GMs of 50% are up 9pp y/y and also compare to our 48.3% forecast. OCF of SEK 50m are well ahead of our estimates, reflecting higher earnings, as well as a WC release from lower stock-in-trade. Our financial forecasts and our SEK 23 mid-point are under review.
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