CDON’s Q3 numbers were in line with our expectations. Momentum picked up at the end of the quarter pointing to a strong last quarter of the year. GMV has grown for seven consecutive months, increasing 8.2% y/y in Q3. GPAM at 10.7% and good cost control supported EBITDA reaching SEK 12m, up 109% y/y. We make minor adjustments to our estimates and reiterate our DCF-based fair equity value mid-point of SEK 104 per share.
LÄS MER
