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Cdon Q3: Strong trading update for October and back to double-digit 3P GMV growth in Q3 - SEB

In Q3, 3P GMV came in at SEK 482m, implying y/y growth of 15%. While we were looking for 19% y/y growth, this implies a sequential improvement in growth from Q2, when 3P GMV increased by a mere 4%. According to its current trading statement, 3P GMV growth so far in October (1-18 October) is up "more than 40% y/y". The arrival of a new permanent CEO in Mr Stefan Egerstad (Thule, Dometic) adds to positives, we argue. We reiterate our SEK 600 mid-point DCF equity value.

In Q3, 3P GMV came in at SEK 482m, implying y/y growth of 15%. While we were looking for 19% y/y growth, this implies a sequential improvement in growth from Q2, when 3P GMV increased by a mere 4%. According to its current trading statement, 3P GMV growth so far in October (1-18 October) is up "more than 40% y/y". The arrival of a new permanent CEO in Mr Stefan Egerstad (Thule, Dometic) adds to positives, we argue. We reiterate our SEK 600 mid-point DCF equity value.
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