Bolstered by cost management, CDON - the Nordic region's largest marketplace operator - generated a significant y/y swing in Q1 EBITDA to breakeven levels (Q1/22: LBITDA of SEK 28m). Q1 3P GMV suggests a 8% y/y decline, exactly as expected (no consensus available). The company announces new financial objectives, including to generate SEK 40m in synergies from the combination with Fyndiq (not yet included in our forecasts). Our current mid-point value is SEK 400 per share.
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