Online marketplace operator CDON holds a leading position in the Nordic market, where marketplaces still take a rather low share of online retail spend compared to more developed markets like the US and Europe. While penetration could be increased (in Nordic ex-Sweden markets), we reckon conversion, frequency rates and AOVs could drive above-market 3P GMV growth ahead. We reiterate our mid-point fair value estimate of SEK 450.
LÄS MER