We consolidate Fyndiq, the leading Nordic bargain marketplace, adding 3P GMV of SEK 375m (19%) and SEK 13m to EBITDA in 2023E. We estimate this EBITDA is offset by acquisition-related costs (charged in Q2E). CDON targets SEK 40m in cost synergies and we assume these savings are achieved in 2024E. Our 2023E-25E EPS upgrades are mitigated by adding 40% new issued shares. We reiterate our SEK 400 mid-point equity value per share.
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