Nelly Group AB

NELLY.ST

Apparel - Retail · Consumer Cyclical

Price

kr 35.88

-0.46 (-1.27%)

Market Cap

kr 1.08B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Good

Stability

Mixed

Valuation

Good

Dividends

Good

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Share count rising — dilution

+38.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 21.6M (2021) → 30.0M (2025)

Winston Score History

The full picture

Nelly Group AB is a Swedish online fashion retailer that sells clothing, shoes, and accessories mainly to young women in their teens and twenties. The company operates two brands — Nelly and NLY Man — and focuses on affordable, trend-driven styles sold entirely through its own websites. It is one of the larger pure-play online fashion retailers in the Nordic region.

Nelly makes money by selling products directly to consumers through its e-commerce platform, keeping a meaningful share of each sale given its roughly 55% gross margin. The company operates primarily in Sweden, Norway, Finland, and Denmark, with smaller sales in other European markets. Its competitive edge comes from strong brand recognition among young Nordic women and a data-driven approach to trend forecasting and inventory. The main risk the business faces is intense competition from large international fast-fashion platforms like Zalando and ASOS, which have significantly greater scale and marketing budgets.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-42.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

71.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 301M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Nelly Group AB's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

53.2%

Healthy — 53.2% gross margin

Profit after running costs

Operating Margin

9.3%

Modest — 9.3% operating margin

Return on the money invested

ROCE

29.7%

Exceptional — 29.7% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+6.5%

Slow sales growth (+6.5% YoY)

Profit growth

EPS YoY

+6.1%

Modest earnings growth (+6.1% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

77%

Modest — 77% of profit becomes cash

Spare cash per sale

FCF Margin

7.0%

Modest free cash flow (7.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

10.42x

Comfortably covers interest (10.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.0x

Attractive valuation — P/E 8.0

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-4.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

9.25%

Healthy income — 9.25% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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