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Cdon: Don’t shut me down - SEB

We view CDON’s trading statement as supportive for the longer-term equity story, amid a 3P GMV y/y growth between 1-18 October of “+40%”. Also, Q3 3P GMV growth increased to 15% y/y, a sequential improvement from growth of 4% y/y in Q2. Importantly, the launch of Shopit’s technology, addressing site automation and search indexation, was done this week (not impacting its trading statement). We raise our midpoint DCF value to SEK 650 (SEK 600).

We view CDON’s trading statement as supportive for the longer-term equity story, amid a 3P GMV y/y growth between 1-18 October of “+40%”. Also, Q3 3P GMV growth increased to 15% y/y, a sequential improvement from growth of 4% y/y in Q2. Importantly, the launch of Shopit’s technology, addressing site automation and search indexation, was done this week (not impacting its trading statement). We raise our midpoint DCF value to SEK 650 (SEK 600).
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