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Cdon: A look in the playbook - SEB

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.

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.
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