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Cdon Q2E: more outperformance - SEB

We argue CDON’s story builds from a strong position in the Nordic online marketplace market and we expect marketplace sales to gain share from overall e-commerce spending. In more advanced marketplace markets, the top-three operators combined take about half of the total online market respectively. We reiterate our mid-point equity value of SEK 485, expecting another period of market share gains in the Q2 report on 14 July 2022.

We argue CDON’s story builds from a strong position in the Nordic online marketplace market and we expect marketplace sales to gain share from overall e-commerce spending. In more advanced marketplace markets, the top-three operators combined take about half of the total online market respectively. We reiterate our mid-point equity value of SEK 485, expecting another period of market share gains in the Q2 report on 14 July 2022.
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