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CDON Group, the operator of CDON and Fyndiq online marketplaces, reported Q2 GMV and GPAM rather in line with our estimates. Importantly, this implies a sequential improvement in y/y declines in GMV while in absolute terms also a weak period (CDON 3P: -20% y/y, Fyndiq 3P: -1% y/y, Group total 3P: -16% y/y). Adjusting for NRIs of SEK 4m, LBITDA came in at SEK 5m. This compares to our estimates for EBITDA of SEK 2.5m. Our current mid-point value of SEK 275 is under review.
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