Ahead of Nelly’s Q2 report, we forecast c. 8% y/y sales growth supported by higher order volumes and a portfolio with fewer seasonal products. While the soft consumer sentiment may cause pressure, AOV in the short term, FX tailwinds and ongoing operational improvements should support margin expansion in coming quarters, and thus we raise FY25E EBIT c. 11%. This lifts our equity fair value range to SEK 39–65 (38–64), for SEK 52 (51) mid-point.
