Q3E: reflects prevailing consumer concerns resulting from inflationary pressure across industries and sectors, we argue the near-term outlook for consumption is weak. We are looking for 3P GMV of SEK 458m (-5% y/y), implying continuing market share gains (Sweden's online retail market is down 11% y/y in July-August). We expect total GMV, including 1P (retail) sales, of SEK 504m (-8% y/y). We reiterate our SEK 450 mid-point equity value.
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