CDON delivered Q1 results with a softer GMV trend than expected (-3% below our estimate) and solid cost control, with opex currently c. SEK 40m below the run-rate at the time of the merger, resulting in EBIT of SEK -22m. In line with our estimates. CDON also decided to initiate a process to explore ‘strategic alternatives’, with a take-private transaction, capital raise, sale of the company (whole or in part) as well as other strategic transactions as potential options.
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