Nelly Group AB (SE:NELLY)
:NELLY
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Nelly Group AB
(NELLY)
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Rating:55Neutral
Price Target:
kr37.00
▼(-67.31% Downside)
Action:Reiterated
Date:05/09/26
The score is supported by improved profitability and a healthier balance sheet versus prior years, but is held back by very bearish technical momentum and an expensive P/E multiple, with the recent sharp TTM revenue decline adding fundamental risk.
Positive Factors
Improved Profitability
Sustained gross (~55%) and operating/net (~12–13%) margins reflect a meaningful structural turnaround versus prior loss years. Durable margin improvement enhances cash generation, funds customer acquisition and inventory, and provides a buffer versus cyclical demand swings in fashion e‑commerce.
Negative Factors
Significant Revenue Decline
A ~-36% YoY TTM revenue decline is a fundamental concern: sustained top-line contraction erodes scale, pressures fixed-cost absorption, and can reverse margin gains. If revenue weakness persists over several quarters, it threatens profitability sustainability and strategic investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Profitability
Sustained gross (~55%) and operating/net (~12–13%) margins reflect a meaningful structural turnaround versus prior loss years. Durable margin improvement enhances cash generation, funds customer acquisition and inventory, and provides a buffer versus cyclical demand swings in fashion e‑commerce.
Read all positive factors
Nelly Group AB (NELLY) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.04B
Dividend YieldN/A
Average Volume (3M)120.69K
Price to Earnings (P/E)79.7
Beta (1Y)1.07
Revenue Growth12.44%
EPS Growth54.64%
CountrySE
Employees145
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)5.24
Shares Outstanding30,129,398
10 Day Avg. Volume137,838
30 Day Avg. Volume120,685
Financial Highlights & Ratios
PEG Ratio0.19
Price to Book (P/B)8.02
Price to Sales (P/S)2.58
P/FCF Ratio35.80
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)5.7
Revenue Forecast (FY)kr1.35B
Nelly Group AB Business Overview & Revenue Model
Company Description
Nelly Group AB (publ) operates as a fashion company in Sweden, rest of Nordics, Germany, and the Netherlands. It offers fashion and beauty products, and accessories for young women under the Nelly brand. Nelly Group AB (publ) sells and markets its...
How the Company Makes Money
Nelly Group AB primarily makes money by selling products through its e-commerce channel(s). Its main revenue stream is net sales from direct-to-consumer online retail orders, where the company earns a margin between the price paid by customers and...
Nelly Group AB Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
72
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.26B | 1.26B | 1.09B | 1.06B | 1.30B | 1.43B |
| Gross Profit | 687.80M | 686.00M | 581.40M | 504.20M | 566.30M | 638.80M |
| EBITDA | 169.80M | 225.30M | 145.60M | 63.60M | -22.40M | -29.10M |
| Net Income | 157.30M | 168.50M | 83.40M | -1.50M | -71.70M | -47.80M |
Balance Sheet | ||||||
| Total Assets | 959.30M | 989.70M | 867.80M | 799.80M | 837.20M | 899.90M |
| Cash, Cash Equivalents and Short-Term Investments | 215.30M | 253.80M | 196.90M | 151.10M | 96.80M | 197.50M |
| Total Debt | 277.50M | 287.10M | 260.40M | 283.60M | 294.60M | 316.40M |
| Total Liabilities | 547.40M | 583.30M | 630.70M | 621.20M | 703.60M | 695.50M |
| Stockholders Equity | 411.90M | 406.40M | 237.10M | 178.60M | 133.60M | 204.40M |
Cash Flow | ||||||
| Free Cash Flow | 79.00M | 91.00M | 154.50M | 36.40M | -75.90M | -4.30M |
| Operating Cash Flow | 109.70M | 123.10M | 154.50M | 59.30M | -64.80M | 18.80M |
| Investing Cash Flow | -30.70M | -32.10M | -22.40M | -22.90M | -11.10M | -22.90M |
| Financing Cash Flow | -36.40M | -34.10M | -56.40M | 17.80M | -25.00M | -29.20M |
Nelly Group AB Technical Analysis
Negative
113.20
Price Trends
57.03
Negative
89.48
Negative
87.78
Negative
Market Momentum
-8.37
Negative
22.82
Positive
12.87
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NELLY, the sentiment is Negative. The current price of 113.2 is above the 20-day moving average (MA) of 45.52, above the 50-day MA of 57.03, and above the 200-day MA of 87.78, indicating a bearish trend. The MACD of -8.37 indicates Negative momentum. The RSI at 22.82 is Positive, neither overbought nor oversold. The STOCH value of 12.87 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:NELLY.
Nelly Group AB Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | kr1.07B | -163.41 | ― | 4.49% | 5.91% | 116.31% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | kr733.74M | -30.82 | -0.15% | ― | 9.68% | ― | |
55 Neutral | kr1.04B | 79.71 | 51.02% | ― | 12.44% | 54.64% | |
50 Neutral | kr794.94M | -8.55 | ― | ― | 8.14% | 46.36% | |
47 Neutral | kr316.17M | -24.25 | ― | ― | 31.24% | -39.68% | |
45 Neutral | kr99.49M | -2.48 | ― | ― | ― | ― |
* Consumer Cyclical Sector Average
SE:NELLY
Nelly Group AB
34.84
-6.76
-16.25%
SE:PIERCE
Pierce Group AB
9.30
1.08
13.14%
SE:BOKUS
Bokusgruppen AB
65.40
15.40
30.81%
SE:CDON
CDON AB
70.20
7.20
11.43%
SE:OBAB
Online Brands Nordic AB
12.50
-0.80
-6.02%
SE:BBROOM
New Bubbleroom Sweden AB
6.30
2.18
52.91%
Nelly Group AB Corporate Events
Nelly Group Marginally Increases Share Capital After Warrant Exercise
Apr 30, 2026
Nelly Group AB has marginally increased its share capital after 24,606 ordinary shares were subscribed for through the exercise of warrants from a 2025/2026 incentive program approved at the 2025 annual general meeting. Following the transaction, ...
Nelly Group Posts Margin Gains but Softer Profits Amid CFO Transition in Q1 2026
Apr 28, 2026
Nelly Group AB reported first-quarter 2026 net revenue of SEK 243.3 million, a slight 1.8% decline year-on-year, but improved gross profit and margin at SEK 134.5 million and 55.3%, respectively. Operating profit fell to SEK 8.0 million with a low...
Nelly Group Releases Comprehensive 2025 Annual Report
Apr 17, 2026
Nelly Group AB has published its 2025 annual report, which spans corporate information, a CEO commentary, detailed financial review, and a sustainability report, alongside governance and risk sections. The report also includes directors’ and...
Nelly Group Calls 2026 AGM With Key Capital and Incentive Decisions on Agenda
Apr 15, 2026
Nelly Group AB has convened its 2026 Annual General Meeting for 18 May in Stockholm, offering shareholders the choice to attend in person or exercise their voting rights via postal voting under its Articles of Association. Shareholders must be reg...
Nelly Group Sets Date for Q1 2026 Report and Investor Call
Apr 7, 2026
Nelly Group AB, a Nordic online fashion retailer targeting young women, combines its own NELLY brand with curated external labels and has built a leading position in digital direct sales since 2004. The company serves about one million customers i...
Nelly Group Names Former NetOnNet CEO Josefin Dalum as New CFO
Mar 9, 2026
Nelly Group AB, the Nasdaq Stockholm-listed online fashion retailer targeting young women in the Nordic region, continues to build on its mix of proprietary NELLY products and external brands, leveraging both e-commerce and a growing physical foot...
Nelly Group Delivers Strong 2025 Growth and Higher Profit Margins
Feb 10, 2026
Nelly Group AB, an online fashion retailer, reported strong growth in 2025 as it continued to expand its e-commerce offering in the competitive digital apparel market. The company’s business model relies on driving higher sales volumes while...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.