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CDON Heads-up: Q4 EBIT to include SEK 15-20m of provisions, as announced - SEB

CDON, the leading Nordic online marketplace, will report Q4 earnings on 16 February at 13.00 CET. As previously announced, EBIT in the period will include a "SEK 15-20m" charge (provisions covering fraudulent behavior by two terminated platform merchants). We forecast 3P GMV growth of 25% y/y, to SEK 800m (total GMV growth of 11% to SEK 915m), burdened by slower site traffic and the merchant issues. We reiterate our mid-point equity value of SEK 600 per share.

CDON, the leading Nordic online marketplace, will report Q4 earnings on 16 February at 13.00 CET. As previously announced, EBIT in the period will include a "SEK 15-20m" charge (provisions covering fraudulent behavior by two terminated platform merchants). We forecast 3P GMV growth of 25% y/y, to SEK 800m (total GMV growth of 11% to SEK 915m), burdened by slower site traffic and the merchant issues. We reiterate our mid-point equity value of SEK 600 per share.
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