We expect Q2 to remain a transitional quarter for Nelly. Parts of the Q2 assortment were committed before the Q1 assortment issues became fully apparent, limiting the scope for a near-term recovery. With a structurally higher cost base, earnings are likely to remain under pressure. However, with the share price down c. 70% YTD and trading at a 2026E EV/EBIT of just c. 7x, we believe much of the weakness is already reflected in the valuation.
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