We update our fair value range to SEK 68-114 (48-80) with a new mid-point of SEK 91 (64) ahead of Nelly’s Q3 report. We argue that Nelly, with most of its sales from Sweden, should benefit from the strong growth in online clothing sales in Q3 indicated by both external data and SEB’s proprietary card data. We forecast 17% organic growth y/y which, combined with continued strong operational execution, should drive c. 45% adj. EBIT growth in Q3E.

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