CDON delivered Q3 results showing better-than-expected performance across KPIs and P&L lines, including in GMV (-9% y/y, +5.5pp vs SEBE), GPAM (-10% y/y, +7% vs SEBE) and EBITDA. Here, Q3 cash earnings of SEK 5.5m are up from SEK 3m a year ago and imply a SEK 4m beat versus our forecast. Importantly, online market data are picking up (september: +28% y/y) and CDON reiterates savings of SEK 40m from the integration of Fyndiq. Our mid-point value per share is SEK 175.
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