Based on revised growth and earnings we derive an equity valuation of SEK 800 per share (midpoint). We assume a WACC of 6.5% and a steady-state EBIT margin of 25%, in line with the average for marketplace operators in more mature markets. As the largest marketplace in the Nordic region, we argue CDON offers significant growth and margin potential from current levels. Typically, the three largest marketplaces take a combined share of 45-50%.
Aktuellt
SENASTE
