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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