Nelly delivered a strong Q3 report, in our view, with sales 3% and EBIT 19% ahead of our estimates. We are impressed by the company’s strong delivery YTD, especially in terms of profitability, and find the coming growth initiatives compelling, although not without risk. On the back of the strong report, we increase our 2025-27 earnings estimates and our mid-point equity value to SEK 100 (91), with a range of SEK 75-125 (68-114).

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