Nelly Group (NELLY.ST) — 2026-W111

Analysis date: 2026-05-31 | Country: SE | Currency: SEK

Recommendation Summary

Field	Value
Rating	Buy
Intrinsic Value	42.0 SEK
24m Target	38.0 SEK
Price at Analysis	34.7 SEK
Buffett Score	12/20
ROIC	29.5%
Economic Profit	+94.6M SEK
Implied Upside (IV)	21.1%

Research history · this company (3 notes)

2026-W111 · 2026-05-31 · NELLY.STviewingBuy · ROIC 30% · tgt 38 SEKΔ IV +11% · HOLD→Buy · MEDIUM→medium convNelly Group: Starkt värdeskapande ROIC 29.52% >> WACC 8%

2026-06-15 · 2026-06-15 · NELLY.STHOLD · tgt 38 SEK 2026-06-08 · 2026-06-08 · NELLY.STHOLD · tgt 38 SEKfirst note

0. Company Identification

Ticker: NELLY.ST | Name: Nelly Group | Country: SE | Sector: Industrial/Commercial

1. What the Company Sells

Nelly Group operates in the Nordic market. ROIC 29.5% vs WACC 8% → EP +94.6M SEK.

2. Who Pays and Why They Stay

Customers pay for products/services based on value proposition and brand strength.

3. Revenue Model

Revenue generated through product/service sales. Scalability and recurring revenue characteristics vary by segment.

4. Margin and Cash Mechanics

ROIC 29.5% vs WACC 8.0% → Economic Profit +94.6M SEK.

5. Supply-side Dependencies

Raw materials, suppliers, distribution channels, and human capital.

6. Competitive Position

Moat strength: 4/5. Brand strength, technology, and customer relationships drive competitive advantage.

7. Growth Engine

Market penetration, geographic expansion, and product development.

8. Business Model Risks

Top risks: Cyclical demand, competitive pressure, raw material costs, macro exposure.

9. History, Management & ESG

Established Nordic industrial company with stable management.

10. Synthesis and Recommendation

Buy — Nelly Group: Strong value creation, ROIC 29.5% >> WACC 8%, attractive at current price.

mttssn research · Nelly Group (NELLY.ST) · 2026-W111 · 2026-05-31