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CDON: A discount to intrinsic value - SEB

Ahead of CDON Q3 results we factor in weaker GMV reflecting unseasonably good weather in September and likely muted consumption. These cuts are mitigated by cost management and ongoing savings post-merger and integration of Fyndiq. We expect Q3 EBITDA to hold up well. In all, we cut our 2024-26 adjusted EBITDA estimates by an average of 10% and we set our new per share mid-point value at SEK 175 (250) (range of SEK 150-200).

Ahead of CDON Q3 results we factor in weaker GMV reflecting unseasonably good weather in September and likely muted consumption. These cuts are mitigated by cost management and ongoing savings post-merger and integration of Fyndiq. We expect Q3 EBITDA to hold up well. In all, we cut our 2024-26 adjusted EBITDA estimates by an average of 10% and we set our new per share mid-point value at SEK 175 (250) (range of SEK 150-200).
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