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SENASTE
CDON reported Q2 3P GMV growth of about 1%. While that is below us (+6%), it compares to y/y declines for the overall Swedish e-commerce market of 15% in April and 8% in May, implying significant market share gains. The gross margin surprised, bolstered by a better sales mix (higher take rate), while SG&A costs were higher than we expected. Q2 LBIT was SEK 27m versus our SEK 24m forecast. For now, we reiterate our SEK 485 mid-point DCF-based equity value.
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