Nelly: Profitability still expected from Q2 - DNB

Q1 sales were 7% below our estimate (no consensus available), driven by higher return rates as well as Omicron and the war in Ukraine affecting sales. EBIT fell 38% shy of our estimate, primarily due to lower sales and gross profit as well as negative leverage effects on the back of relatively high costs during a seasonally small quarter. We have lowered our fair value to SEK25–35 (35–45) on our reduced 2022 estimates.

Länk till analysen i sin helhet: https://www.dnb.no/seg-fundamental/fundamentalweb/GetReportSpon.aspx?file=CMPSP_193895.pdf