Nelly Group announces Ludvig Anderberg as new CEO from late-August 2022. Mr Anderberg has extensive experience from the digital retail sector, including most recently from mat.se (acquired by Kinnevik's mathem.se in December 2021). Most importantly, we argue, Mr Anderberg's track record includes acting CEO and CFO at Nelly in 2016-17 as the group turned from losses to its highest EBIT margin on record so far in 2017. We reiterate our SEK 32 mid-point equity value.

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