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CDON: Focus on the delta - SEB

We argue CDON, the leading Nordic online marketplace, proposes an exposure to structural e-commerce growth, as well as an increasing share of online sales on marketplaces. While still down y-o-y, our proprietary traffic model suggests a continuing improvement in site visits in Q1. We reckon increased inflation could mute general consumer spending in the year ahead. We reiterate our DCF-based mid-point equity value of SEK 485.

We argue CDON, the leading Nordic online marketplace, proposes an exposure to structural e-commerce growth, as well as an increasing share of online sales on marketplaces. While still down y-o-y, our proprietary traffic model suggests a continuing improvement in site visits in Q1. We reckon increased inflation could mute general consumer spending in the year ahead. We reiterate our DCF-based mid-point equity value of SEK 485.
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