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CDON: Gearing up for growth - SEB

We argue CDON Group’s Q4 results largely corroborate our case and add to its track record, including from significant cost management (as guided for) and improving GPAM (marketing efficiencies). We expect the group to return to GMV growth in full-year 2024. Based on Q4 deviations and reiterated guidance for savings (“run-rate of SEK 40m at end 2024”) we upgrade our EBITDA forecasts and we set our new mid-point value at SEK 325 (315).

We argue CDON Group’s Q4 results largely corroborate our case and add to its track record, including from significant cost management (as guided for) and improving GPAM (marketing efficiencies). We expect the group to return to GMV growth in full-year 2024. Based on Q4 deviations and reiterated guidance for savings (“run-rate of SEK 40m at end 2024”) we upgrade our EBITDA forecasts and we set our new mid-point value at SEK 325 (315).
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