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Cdon: Merchant issues to weigh on current trading - SEB

According to CEO Allan Ljung-Jensen, CDON has been forced to terminate pertinent relationships on its marketplace with merchants that may have utilised a timing difference in terms (payments, deliveries) to receive full payments while not having delivered actual products to end-customers. While measures have been taken, we downgrade our underlying GMV and earnings forecasts to reflect the possible spin-off effects in shorter-term trading.

According to CEO Allan Ljung-Jensen, CDON has been forced to terminate pertinent relationships on its marketplace with merchants that may have utilised a timing difference in terms (payments, deliveries) to receive full payments while not having delivered actual products to end-customers. While measures have been taken, we downgrade our underlying GMV and earnings forecasts to reflect the possible spin-off effects in shorter-term trading.
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