CDON, the Nordic region's largest marketplace, reported 3P GMV growth of 25% in Q1. This compares to our estimates for 30% growth. The deceleration in 3P GMV growth relates to challenges relating to indexation and automation on its new platform (launched late last year). Gross margins improved to ahead of our expectations, while SG&As came in higher. In all, adjusted LBIT of SEK 12m is SEK 5m higher than our forecasts for LBIT of SEK 7m. Our midpoint DCF value is SEK 850.
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