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SENASTE
CDON Group, now including Fyndiq - the leading Nordic bargain marketplace - reported total GMV about 2% below our estimates (mainly reflecting churn of unprofitable merchant sales on its core CDON MP). Importantly, GP after marketing (GPAM) beat our estimates by 15%. CEO Fredrik Norberg also anticipates lower SG&As in current trading: while positive, Q3 EBITDA of SEK 3m came in below our SEK 11m forecast. For now, we maintain our SEK 315 equity mid-point value per share.
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