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CDON: A milestone to kick off the year ahead - SEB

In Q3, CDON Group (operating CDON and Fyndiq marketplaces) successfully managed to migrate the CDON platform to Fyndiq’s platform, thus derisking our KPI assumptions, we argue. Reported Q3 GMV, GPAM and EBITDA were all ahead of our expectations. We leave our 2024-26 EBITDA forecasts broadly unchanged and reiterate our DCF-based mid-point equity value of SEK 175 per share (a prospective EV/GMV in line with peers).

In Q3, CDON Group (operating CDON and Fyndiq marketplaces) successfully managed to migrate the CDON platform to Fyndiq’s platform, thus derisking our KPI assumptions, we argue. Reported Q3 GMV, GPAM and EBITDA were all ahead of our expectations. We leave our 2024-26 EBITDA forecasts broadly unchanged and reiterate our DCF-based mid-point equity value of SEK 175 per share (a prospective EV/GMV in line with peers).
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