We update our fair value range to SEK 93-155 (75-125) with a new mid-point of SEK 124 (100) ahead of Nelly’s Q4 report. With c. 50% of sales generated in Sweden, we see Nelly as well positioned to benefit from an improving consumer backdrop in 2026, supported by tax reforms, real wage growth and lower interest rates. Combined with high fulfilment scalability, rising PL penetration and input-cost tailwinds, we see strong earnings growth in 2026.
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