Nelly Group, the online fashion retailer, will report Q1 2021 results on Wednesday 21 April at 08.00 CET. Generally, we expect Nelly's focus on its core Nordic markets to reduce losses compared with Q1 last year. Sales are likely to be muted by the ongoing pandemic and restrictions on social activities (Nelly is strong in occasional wear in its 15-25 year target group). We maintain our estimates unchanged and we reiterate our SEK 55 midpoint DCF equity value per share.

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