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CDON: Nearing the inflection point - SEB

Post-Q2 results that were somewhat weaker-than-expected by us, we cut our financial forecasts accordingly (and including in Q3E). We set our revised DCF-based mid-point equity value at SEK 250 (SEK 275). While clearly confident on the medium-term outlook, CEO Fredrik Norberg stated a concern on Q3 developments reflecting the imminent IT platform migration. We now base our forecasts on CDON returning to 3P GMV growth as of Q4 onwards.

Post-Q2 results that were somewhat weaker-than-expected by us, we cut our financial forecasts accordingly (and including in Q3E). We set our revised DCF-based mid-point equity value at SEK 250 (SEK 275). While clearly confident on the medium-term outlook, CEO Fredrik Norberg stated a concern on Q3 developments reflecting the imminent IT platform migration. We now base our forecasts on CDON returning to 3P GMV growth as of Q4 onwards.
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